Co-CEO says Netflix ‘not growing as fast as I want’

The latest market report highlights that Netflix co-CEO Ted Sarandos stated that the streaming giant's expansion declined below expectations, adding that live reveals could provide a welcome lift.

Netflix posted a expansion rate of 13.4 percent between April and June — the lowest in nearly three years — and saw a modest two percent climb in viewing hours in the first half of the year.

"Overall, we're not growing as fast as I want us to," Sarandos stated Wednesday during the annual Bloomberg Screentime conference in Los Angeles.

Live programming could "move the needle quite a bit on that number," the co-CEO further noted.

The production of live reveals takes up five percent of Netflix's annual $20 billion content budget and generates just one percent of viewing — but Sarandos stated "they do a very different job."

"They generate a lot of signups. They're really effective for signup retention, advertising," he stated.

Films and television series will stay Netflix's priority because "We are in the professionally produced content business," the co-CEO stated.

Asked around Netflix's attempt to acquire Warner Bros. Discovery, Sarandos stated he went into and came out of the negotiations with no regrets, saying the plan was "solid."

Netflix had joined the bidding for control of a stable of assets that includes Warner Bros. Pictures, CNN and the HBO Max streaming service, but lost to an offer from Paramount Skydance.

A US federal judge approved a settlement on Wednesday that clears the way for the takeover of Warner Bros. Discovery by Paramount.