Despite its global lead in subscription streaming, and a stock price that recently topped $1,000 after bottoming out at $190 in 2022, Netflix executives often complain that the company is misunderstood. Bela Bajaria, who replaced Netflix’s now-co-C.E.O. Ted Sarandos as chief content officer in early 2023, echoed that concern during a January presentation to the media at its Egyptian Theatre in Hollywood. It made me scratch my head a bit. How could the most celebrated pure-play entertainment company somehow be underappreciated?
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