Netflix co-CEO Reed Hastings believes linear TV could come to an end within the next decade.
“Streaming is working everywhere. Everyone is pouring in,” Hastings said Tuesday on the media giant’s second-quarter earnings call. “It’s definitely the end of linear TV over the next five, 10 years.”
The prediction comes after producer of “Stranger Things” reported a loss of 970,000 subscribers during the second quarter, below the company’s guidance of two million. In the first quarter, the streamer lost 200,000 subscribers — its first decline in over a decade.
“We’re improving everything we do around marketing, improving the service, the merchandising, and all of that solely pays off,” Hastings added. “But again, we’re talking about losing one million instead of losing two million. So our excitement is tempered by the less bad results.”
In its shareholder letter, Netflix said the company drew more TV viewing time than any other outlet during the 2021-2022 TV season, nearly matching the combined total of CBS and NBC, the two most watched broadcast networks. Netflix’s share of total U.S. TV viewing reached an all-time high of 7.7% in June.