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Netflix’s Reed Hastings exits co-CEO position

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Netflix’s Reed Hastings exits co-CEO position

Reed Hastings, the co-founder and co-chief executive officer of Netflix Inc., today announced that he’s stepping down from his position but will stay on as the company’s executive chairman after 25 years in charge.

The former Marine, who had spent some time in Africa with the Peace Corps and was later snubbed by the Massachusetts Institute of Technology, went on to earn a master’s degree in computer science from Stanford University. In the early 1990s, Hastings (pictured) founded a software company, only to have a eureka moment in 1997 when he got the idea to start the rental-by-mail video business, Netflix.

The rest is history. As Hastings passes the baton, he’s currently worth about $3.3 billion, according to the latest Forbes tally. He’s not one for bragging about accolades, but it’s safe to say Netflix, co-founded with Marc Randolph, became one of the biggest disrupters of all time in the tech and media industries.

Netflix changed the topography of media, and other large companies had no choice but to follow in its tracks. The company presently has 223 million paying subscribers around the globe and more than 12,000 employees globally. In 2022, the company’s revenue was  $31.6 billion. In the fourth quarter reported today, Netflix gained an additional 7.7 million subscribers, far surpassing the expected 4.5 million. This good news came in what had been a relatively difficult year for the company.

“Ted & Greg are now co-CEOs,” Hastings tweeted today in a reference to longtime Netflix executives Ted Sarandos and Greg Peters. “After 15 years together, we have a great shorthand & I’m so confident in their leadership. Twice the heart, double the ability to please members & accelerate growth. Proud to serve as executive chairman for many years to come.”

Sarandos joined Netflix in 1999 and for a long time was chief content officer, becoming so-CEO only in 2020. At the time, Hastings said that he was going to stay with Sarandos at the helm for another decade, but it seems something has compelled him to exit earlier. Peters was Netflix’s chief operating officer before this move up in the ranks today. Hastings wrote in a blog post that for the past two and a half years, he had left most of the major decisions to these two men anyway.

“Ted and Greg have developed great trust and respect for each other through their collective successes and failures,” Hastings wrote. “In addition, they can always be relied upon to put Netflix’s interests first. These qualities — combined with their complementary skill sets, deep knowledge of entertainment and technology, and proven track record at Netflix — create a unique opportunity to deliver faster growth and greater success long term with them as co-CEOs.”

Photo: republica GmbH/Flickr

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Binance’s BNB Chain to Offer New Decentralized Storage System

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Binance’s BNB Chain to Offer New Decentralized Storage System

The release of the decentralized storage system’s white paper was having a modest effect on the price of other storage tokens on Wednesday. Filecoin (FIL), storj (STORJ), and arweave (AR) are now trading 2%, 5% and 6%, respectively, above their pre-announcement prices.

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The Marvelous Mrs. Maisel Set Sounds Absolutely Delightful, Thanks To Rachel Brosnahan’s Adorable Pig Story

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Rachel Brosnahan playing Midge in the Season 4 trailer for Marvelous Mrs. Maisel.

Over the course of four seasons, and soon a fifth installment, The Marvelous Mrs. Maisel has managed to one-up themselves and make the scale bigger, the set pieces more extravagant and the monologues snappier. While all of this has been amazing for us viewers, one-upping yourself every time must be quite stressful, and it has been according to Rachel Brosnahan. However, she also came up with an adorable way to de-stress and help the cast and crew by hiring therapy pigs. This also goes to show just how delightful the set of this Prime Video show seems, even during stressful moments. 

Filming Season 2 of The Marvelous Mrs. Maisel, which went on to win many Emmys in 2019, the cast and crew had taken on a much bigger challenge than they did in Season 1. By traveling around the world, and upping the ante overall the stress levels were high. However, Rachel Brosnahan revealed that she had a “delightful” stress relief activity planned involving therapy pigs, truly showing how wonderful this set seems. The actress behind Midge Maisel started her story about therapy pigs by setting the scene on The Late Show with Stephen Colbert, saying:  

So this is actually from our second season, we shot ten episodes during our second season, that’s the only time we ever did that, we never tried it again. We started the season in Paris, we traveled to the Catskills, we were on the move a lot. It was a really, really tough season. The crew was really tired. And toward the end of the season, someone had told me about this service in New York, where you can order therapy pigs to come to your workplace and make you feel better. And so, I brought therapy pigs to set and it was kind of incredible.



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Amazon’s renewable energy portfolio swells to over 20 GW

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Amazon's renewable energy portfolio swells to over 20 GW

Amazon increased its renewable energy capacity by 8.3 GW in 2022, bringing its total portfolio to over 20 GW, enough to power millions of US homes.

Growing to become one of the largest global companies by market cap comes with great responsibility. The bigger the operations, the more damaging they can be to the environment with more energy use, carbon emissions, etc.

After the pandemic shuttered most people inside their homes, online shopping became a go-to for many.

As a result, e-commerce giant Amazon saw its business surge, with an over 200% rise in profits as shopping habits turned digital. To offset the company’s explosive growth, it has been investing in renewable energy projects and other sustainable activities to reduce its environmental impact.

Since 2014 Amazon has been on a mission to decarbonize its business globally by adding renewable energy capacity and electric vehicles to its fleet while striving to make packaging more efficient.

The e-commerce giant committed to rolling out over 100,000 EDVs from Rivian by 2030 as part of its Climate Pledge. According to Amazon’s latest update, over 1,000 Rivian EDVs debuted this past holiday season to make zero-emission deliveries.

Amazon-renewable-energy
Amazon Rivian EDV (Source: Amazon)

Amazon’s renewable energy portfolio expanded in 2022

Meanwhile, the company added significant clean energy capacity last year to help it reach its goal of powering operations with 100% renewable energy by 2025, five years ahead of its goal.

Amazon announced today it set a new record for the most renewable energy purchased in 2022, adding an additional 8.3 GW through 133 new projects in 11 countries.

Altogether, Amazon now has over 20 GW, enough to power 5.3 million US homes. The clean energy capacity is spread throughout 401 projects (164 wind farms and 237 rooftop solar projects) in 22 different countries. According to Bloomberg New Energy Finance, Amazon remains the most prominent corporate buyer of renewable energy, maintaining the position since 2020.

Once complete and operational, Amazon expects to generate 56,881 GWh of clean energy annually.

Head of sustainability research at BloombergNEF, Kyle Harris, says Amazon’s clean energy portfolio is now among the leading utilities globally, adding:

The fact that it announced a new annual record of clean energy in a year mired by a global energy crisis, supply chain bottlenecks, and high interest rates speaks to its forward planning and expertise in navigating power markets and executing long-term contracts.

Despite economic uncertainty, Amazon stood by its commitment last year, doubling down on its renewable energy efforts.

Electrek’s Take

You have to give credit where credit is due. Amazon is doing its part by deploying hundreds of clean energy projects across the globe.

Amazon says renewable energy reached 85% of its business in 2021. By doubling down this past year, the e-commerce giant is now on track to hit its goal of powering business operations with 100% renewable five years ahead of schedule.

However, the company still has a lot of work to do to lessen its environmental impact. According to research from Statista, packaging accounts for the most significant share of greenhouse gas emissions in the e-commerce industry, accounting for 45% of total emissions.

Amazon has also made strides in reducing emissions by reducing per-shipment packaging weight by 38% (eliminating over 1.5 million tons of packaging), optimizing materials, and offering vendors incentives to use fully recyclable materials.

The e-commerce giant is making significant progress in its renewable energy goals, yet there’s still a long way to go in reducing packaging waste and energy usage overall.

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