Reed Hastings, co-founder and chairman of Netflix, announced his decision to step down at the age of 65, marking a significant transition for the streaming giant he helped establish nearly three decades ago. His exit comes at a challenging juncture for Netflix, which is grappling with slowing growth and intensifying competition in the streaming market. Following a failed merger attempt with Warner Bros. Discovery earlier this year, Netflix's stock fell by approximately 9% after the announcement of Hastings' departure. Despite these challenges, Netflix reaffirmed its commitment to its core strategy of delivering diverse global content across various languages and formats. In a recent shareholder letter, the company maintained its full-year outlook, highlighting that it ended the previous year with over 325 million paid subscribers. Hastings, who played a crucial role in transforming Netflix from a DVD rental service into a global streaming powerhouse, will not seek re-election at the annual meeting in June. He plans to focus on philanthropy and other pursuits. As Netflix navigates these leadership changes, it is also betting on newer formats, including video podcasts and live programming, to enhance user engagement. Furthermore, the company anticipates that advertising revenue will be a key growth driver, with projections indicating that ad revenue could reach $3 billion by 2026.