Netflix CEO Reed Hastings received $11.1 million in 2014
The money streamed in for Netflix CEO Reed Hastings, with his pay up 44% to $11.1 million last year.
Hastings received a $3-million salary, as well as stock options valued at $8.1 million. Hastings’ compensation package, disclosed in a Friday regulatory filing, trumped his $7.7-million package of 2013.
Meanwhile, Netflix’s chief content officer, Ted Sarandos, saw his compensation rise 17% from $7.5 million in 2013 to $8.8 million last year. Sarandos saw his salary rise to $2.8 million, with $6 million in stock options.
The boosts to both compensation packages came as the Los Gatos-based streaming service raised its price and boosted subscriber growth last year.
Netflix raised its U.S. monthly rates last May by $1 for new subscribers, while existing customers retained the $8-per-month price. On the subscriber front, the company ended last year with 57.4 million worldwide subscribers--up about 13 million from 2013. The bulk of its growth came from an uptick in international subscribers, while U.S. growth has slowed.
The company continues to focus on its global expansion, with an eye toward the end of 2016 for its completion.
But come next year, the pay stubs for Hastings and Sarandos will look different.
Late last year, the company announced in its regulatory filing that Hastings and Sarandos will take pay cuts this year.
Hastings’ salary will fall from $3 million to $1 million in 2015. Sarandos’ salary will also fall to the $1-million mark. Of course, there’s the opportunity to earn more in total compensation with the inclusion of stock option allowances and target bonuses.
The company is expected to launch 320 hours of original series--new and returning--this year, about three times what it released in 2014. It also has a number of films, documentaries and comedy specials in the pipeline.
I tweet about TV (and other things) here: @villarrealy
From the Oscars to the Emmys.
Get the Envelope newsletter for exclusive awards season coverage, behind-the-scenes stories from the Envelope podcast and columnist Glenn Whipp’s must-read analysis.
You may occasionally receive promotional content from the Los Angeles Times.