Netflix Co-CEO Ted Sarandos, a self-proclaimed union man, expressed his empathy for striking writers and actors during the streamer’s latest earnings call. Sarandos, who grew up in a union household, shared that his father was a union electrician and had experienced being on strike. Recognizing the financial and emotional toll it takes on families, Sarandos assured that Netflix is committed to reaching an equitable agreement with the striking unions.
Despite Sarandos’ working class credentials, it may be a tough sell for him given his annual earnings of over $50 million. However, he emphasized that the industry stakeholders take the current situation seriously and are committed to finding a resolution. The WGA and SAG-AFTRA strikes have been ongoing, with members expressing concerns about the tightening economics of the industry. Guild members often attribute the decline in residuals from streaming platforms to Netflix.
Coinciding with the earnings call, Jane Fonda and Lily Tomlin, stars of Netflix’s longest-running original series “Grace and Frankie,” announced their intention to protest outside the streamer’s headquarters. The actors, who previously supported the WGA strike, are now standing in solidarity with SAG-AFTRA members on strike.
Regarding concerns about the strikes impacting Netflix’s content pipeline, Sarandos reassured investors that the company has a diverse range of content in production, including global buys and a variety of genres. Nevertheless, he emphasized the need for a swift conclusion to the strikes to move forward.
Ultimately, both the studios and streamers and those on the picket lines share the common goal of resolving the labor actions. However, reaching an agreement that satisfies both parties remains a challenge.