Here's what Netflix executives will earn in 2019. It's huge!
What's the story
American streaming giant Netflix had quite an eventful year. Its business has been sky-rocketing this year with the staggering popularity of its original content. Needless to say, money is rolling in with the booming business. Yesterday, Netflix released 2019 annual salaries and stock-open allocations of its executives, as established by its board of directors, reports Business Insider. And, spoilers ahead, it is a lot!
Reed Hastings
Netflix CEO to earn Rs. 4.9cr annually in 2019
Chief Executive Officer and Chairman of Netflix, Reed Hastings, will receive an annual salary of $700,000 (Rs. 4.9cr), which is the same as 2018 but his stock options will stand at $30.8mn (Rs. 215cr) for 2019. It's a 7% increase in stock-options from 2018, when he was granted an estimated $28.7mn (Rs. 200cr). He is also the largest individual shareholder of the company.
Ted Sarandos
Netflix Chief Content Officer to receive Rs. 125cr in 2019
Netflix's Chief Content Officer, Ted Sarandos, will receive an annual salary of $18mn (Rs. 125cr) in 2019, an increase from $12mn (Rs. 84cr) this year. Sarandos will receive stock-options of $13.5mn (Rs. 94cr) in 2019, a decrease from $14.25mn (Rs. 99.6cr) this year. However, including both annual salary and stock-options, he will receive an overall increase of 20% in 2019.
Other details
Hastings and Sarandos together will make a whopping Rs. 220cr
If we combine the salaries and stock options of both Hastings and Sarandos, they will together make a whopping sum of $31.5mn (Rs. 220cr) in 2019. Interestingly, Hastings' net worth is much more than the compensation in a given year. In 2017, the Netflix CEO made it to the Forbes 400 with a net worth of an estimated $2.2bn (Rs. 15,383cr).
Others
Financial chief 2019 salary: Rs. 24cr/annum; Product chief: Rs. 70cr/annum
Financial chief David Wells' annual salary will increase from $2.8mn to $3.5mn (Rs. 19.5cr to Rs. 24cr) in 2019. He'll receive a $2.8mn (Rs. 19.5cr) stock-options allocation, increasing from $2.5mn (Rs. 17cr). Product chief Greg Peters' annual salary will see a hike from $6mn to $10mn (Rs. 42cr to Rs. 70cr) in 2019. His stock-option allocation, after increase, will stand at $6.8mn (Rs. 47.5cr).
Content
Netflix has formed a storytelling partnership with the Obamas
Netflix's general and counsel, David Hyman, will have a 2019 salary of $3.5mn (Rs. 24cr) and will receive stock option allocation of $3.85mn (Rs. 27cr). Meanwhile, the streaming giant's shares rose 33% in 2018, as the company invested heavily in original content. It was also able to form a storytelling partnership with the Obamas, and another deal with American screenwriter Ryan Murphy.