Netflix has reaffirmed its position as a dominant player in the global streaming market amid intensifying competition and shifting industry dynamics, according to Greg Peters, the company’s co-chief executive. Peters discussed the company’s current strategies and challenges during the Cannes Lions advertising festival, where Netflix hosted a high-profile presence atop the JW Marriott hotel.

Peters, who shares leadership duties with Ted Sarandos, represents the technology-focused side of Netflix’s management. He joined the company in 2008 and has held several key roles, including chief operating officer and chief product officer, overseeing Netflix’s global expansion and platform development. This year, Peters and Sarandos stepped into their co-chief executive roles, succeeding Netflix co-founder Reed Hastings.

Netflix’s recent corporate maneuvers include a high-stakes attempt to acquire Warner Bros Discovery’s studios and the HBO Max streaming service for $83 billion. However, the bid was withdrawn after Paramount Skydance, backed by billionaire Larry Ellison and led by his son David Ellison, agreed to purchase Warner Bros Discovery for an estimated $111 billion, largely financed through debt. Peters attributed Netflix’s decision to exit the bidding to an unwillingness to overpay and expressed concern about the financial risks associated with Paramount’s leveraged purchase. He suggested that Paramount’s acquisition was driven by the need to integrate expensive content rights, such as the European Champions League, with suitable distribution platforms like HBO Max.

Peters warned that the heavy debt burden could lead to significant cost-cutting measures in Hollywood, potentially affecting jobs and content production. He also indicated that Netflix might explore opportunities to acquire certain rights from competitors to optimize industry economics.

Despite these challenges, Peters remains confident in Netflix’s competitive position. He emphasized the company’s scale, citing its 325 million global subscribers, and underscored the importance of ongoing innovation. Netflix is expanding beyond traditional scripted content into areas such as sports rights acquisition—including the 2027 Women’s World Cup—news programming through its newly launched Instadocs series, and live television partnerships, including recent agreements in France with broadcaster TF1.

At the same time, Netflix continues to confront competition not only from traditional studios but also from digital platforms like YouTube, where users spend more daily time viewing content. Peters critiqued YouTube’s business model, arguing that while it is effective for audience building, it is less profitable for creators due to its advertising revenue split. Netflix aims to attract talent by offering a more sustainable and higher-quality platform, particularly highlighting its safe viewing environments for children.

To address subscriber growth challenges, Netflix has implemented measures such as restricting password sharing and introducing an ad-supported subscription tier aimed at widening its audience base and increasing revenue. Peters expressed regret that the company had not embraced advertising earlier, noting that ad revenues are projected to double to $3 billion this year.

Although Netflix’s stock price has declined since the Warner Bros Discovery bid was announced, reflecting investor caution about the company’s growth trajectory, Peters dismissed concerns that Netflix’s market leadership is at risk. He maintained that Netflix must continue innovating and adapting to maintain its market share and dismissed suggestions that rivals could easily catch up to its scale.

As the streaming industry evolves rapidly, Netflix under Peters’ technical leadership appears focused on balancing content investment, platform development, and strategic partnerships to retain its foothold among global audiences.