Netflix has become a global phenomenon, so much so that it's hard to imagine a world without it. As of June 2023, the streaming platform boasts a net worth of $184.90 billion, but who actually owns it? Introducing the men behind the brand, Reed Hastings and Marc Randolph…
Who owns Netflix?
As Netflix is a public company listed on the stock market, it is technically owned by multiple people.
Who founded Netflix?
Reed Hastings and Marc Randolph are the co-founders of Netflix, Inc. Created in 1997, the duo began their business as a video-rental company. Calling all Millennials! Remember the days of receiving DVDs in the post? Talk about a throwback.
© GettyMORE: Netflix's The Perfect Find viewers make same complaint about Gabrielle Union drama
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It wasn't until 2007 that Netflix began offering subscribers the option to stream some of its movies, and the rest is history.
Who is Reed Hastings?
Following the streaming platform's continued success, Reed Hastings is now the Chairman of the Board of Directors of Netflix. He decided to step down as co-CEO in January, handing the reins over to Ted Sarandos and Greg Peters.
© GettyAs of 2023, Reed has an estimated net worth of $4.1 billion. According to Forbes, he currently owns 2% of the company. Since switching over to an executive chairman position, the 62-year-old has joined a number of boards and non-profit organizations.
Despite his success with Netflix, Reed – a former computer scientist and mathematician – never set out to revolutionize the entertainment industry. As it turns out, the idea for the company was born out of sheer panic.
© Getty"I had a big late fee for Apollo 13," he famously recalled. "It was six weeks late and I owed the video store $40. I had misplaced the cassette. It was all my fault. I didn't want to tell my wife about it. And I said to myself, 'I'm going to compromise the integrity of my marriage over a late fee?' Later, on my way to the gym, I realized they had a much better business model. You could pay $30 or $40 a month and work out as little or as much as you wanted."
Away from his business dealings, Reed resides in Santa Cruz, California with his wife, Patricia Ann Quillin, and their two children.
Who is Marc Randolph?
Marc Randolph is an American tech entrepreneur, advisor and speaker. Alongside Reed Hastings, he is a co-founder of Netflix. After launching the brand as a video-rental company in 1997, Marc eventually stepped down as CEO in 1999, and officially departed the company in 2003.
© InstagramIn a 2019 interview with Forbes, the 65-year-old referred to himself as "an invisible face" when it comes to Netflix, but he remains content with his decision to leave the company.
According to Celebrity Net Worth, Marc has a current net worth of $100 million. Today, he works as a mentor to founders and entrepreneurs. He's also the author of That Will Never Work: The Birth of Netflix by the first CEO and co-founder Marc Randolph, and regularly shares his business insights on his own podcast.
As for his personal life, Marc has been married to Lorraine Kiernan since 1987 and they have three children.
