Podcast Summary: Bloomberg Talks

Episode: Netflix's Greg Peters Talks Video Games and the Future of Streaming

Date: October 9, 2025
Guest: Greg Peters, Co-CEO of Netflix
Host: Bloomberg

Overview

In this engaging episode, Greg Peters, Co-CEO of Netflix, sits down to discuss Netflix’s evolving role in the entertainment landscape, the challenges of sustaining growth in a hyper-competitive market, their expanding efforts in video games, the usability of AI in content production, and the future of streaming—including live events, sports, and content strategy. The conversation is candid, humorous, and offers rare insight into how Netflix views both its vulnerabilities and opportunities for the years ahead.

Key Discussion Points and Insights

1. Netflix’s Attitude Toward Success & Complacency

• Peters rejects the idea that Netflix has ‘won’ the streaming wars, warning of the danger of complacency after success.
  • Quote: "Success has this vulnerability where you start to breed complacency, arrogance, and things like that." (00:46, Greg Peters)
• He insists that in the current ultra-competitive entertainment environment, a sense of vulnerability is essential for continued relevance and growth.

2. User Engagement & Ambition

• The host presses on stagnant engagement numbers, noting that much of the growth in streaming viewership has gone toward free services.
• Peters acknowledges this, citing Netflix’s early move to on-demand as a double-edged sword but expresses that replacing all television was never realistic.
  • Quote: "There's always going to be, like, multiple sources of entertainment, even in the categories that we serve. We want to win as much of that as we possibly can." (02:33, Greg Peters)

3. The New User Interface (UI) and Personalization

• The new UI dynamically recommends content based on user behavior in real time, as opposed to overnight updates.
  • Quote: "Now we do it dynamically on the fly." (03:24, Greg Peters)
• The UI is also structured to accommodate new content formats like live events and video games, aiming to create new reasons for viewers to engage at specific times.

4. Investment and Philosophy on Live Events & Sports

• Peters discusses the company’s foray into live events, including sports, highlighting its value for creating communal viewing moments.
  • He clarifies that live events are still a tiny fraction of Netflix’s content budget.
  • Live events drive "punctuated moments" of subscriptions, but Netflix is still learning the broader impact.
  • On possibly bidding for major rights (e.g., NFL packages), Peters says:
    • Quote: "It doesn't really fit with our strategy as we understand it right now." (07:32, Greg Peters)
    • Netflix is committed to financial discipline and won't overbid for major, expensive leagues just to compete.

5. Mergers & Acquisitions (M&A)

• Netflix is rarely involved in major M&A, preferring to build in-house.
  • Cites a skeptical view of big media mergers, noting their poor historical track record.
  • Quote: "We come from a deep heritage of being builders rather than buyers." (08:56, Greg Peters)

6. Netflix’s Video Game Ambitions

• Netflix has been in gaming for “a little over three” years and self-grades at a “B minus.” (09:57, Greg Peters)
  • Emphasis on building foundations and integrating interactivity, not just traditional games but also things like live voting (e.g., on the David Chang cooking show).
  • Expanding from phone-only games to TV social games:
    • Announcing a “pack of social party games” for TV with phones as controllers: Boggle, Pictionary, LEGO party games, Tetris, Mafia-style whodunit.

7. Awareness of Netflix Gaming

• Host asks if most Netflix users are aware of the games:
  • Peters compares it to launching Netflix in Japan—consumer learning and adoption takes time. (11:45, Greg Peters)

8. Platform Expansion for Games

• Acknowledges “phone” is a powerful yet crowded space; TV gaming will offer new interactive and social experiences.

9. Competition in Streaming—YouTube, Amazon, and Others

• On the "second richest person in the world" (implied: Amazon/Bezos), Peters is unflappable, suggesting competition causes healthy innovation but the fundamentals of business remain.
  • On YouTube:
    • Quote: “Orthogonal competition is always the hardest competition to deal with.” (15:57, Greg Peters)
    • Peters asserts that Netflix won’t try to match YouTube at user-generated content, instead focusing on working with top creators for high-quality storytelling.

10. Artificial Intelligence (AI) in Content Creation

• Netflix’s experience with AI stretches back two decades.
  • Uses AI for recommendations, advertising, and increasingly in content production (previs, shot planning, VFX).
  • Quote: "Our job is to give our creators a suite of tools that we've vetted and that are work together, orchestrate together." (18:28, Greg Peters)
  • Firm on protecting intellectual property and supporting creators, drawing a line at copyright violations.

11. Navigating Political Pressures

• Netflix aims to stay focused on entertaining a global audience, not political disputes.
  • Quote: "If we are doing our job right...there’s something on the service where every one of us as employees or every one of our members probably thinks is not great...if we don’t have that, we're actually not doing our job correctly." (20:47, Greg Peters)
  • Netflix only responds to government takedown requests when legally obligated, and is transparent about such occurrences.

12. Rapid-Fire Q&A

• Would "K Pop Demon Hunters" have made more money in theaters? Peters doubts it.
• Theme park attractions for Netflix IP: Peters unaware, but open to the possibility, noting the creation of Netflix Houses for immersive experiences.
• Will Netflix syndicate programming within 3–5 years? Peters: “I doubt it.” (23:09)
• Who is a better tennis player—Peters or Bill Gates? Peters coyly claims he's "pretty good."

Notable Quotes and Moments

• On Complacency:
  "Success has this vulnerability where you start to breed complacency, arrogance..."
  — Greg Peters, 00:46

• On Netflix’s Role in Entertainment:
  "We want to win as much of that as we possibly can."
  — Greg Peters, 02:33

• On Live Events Strategy:
  "It doesn't really fit with our strategy as we understand it right now."
  — Greg Peters, 07:32

• On Video Gaming Efforts:
  "I'll give us a B minus. How's that?"
  — Greg Peters, 09:57

• On Competition:
  "Orthogonal competition is always the hardest competition to deal with..."
  — Greg Peters, 15:57

• On AI in Hollywood:
  "Our job is to give our creators a suite of tools that we've vetted and that are work together, orchestrate together."
  — Greg Peters, 18:28

Timestamps for Key Segments

• Opening remarks on competition & complacency: 00:42–01:22
• Engagement and share of TV time: 01:22–02:33
• UI improvements and real-time recommendations: 03:12–04:17
• Live events and sports strategy: 05:04–08:15
• M&A discussion: 08:34–09:24
• Gaming efforts and future plans: 09:41–14:38
• Competition with YouTube and UGC strategy: 15:46–17:07
• AI in content production: 17:46–19:56
• Politics and programming controversy: 19:56–21:36
• Quick-fire closing questions: 22:06–23:30

Tone and Style

The conversation is casual, direct, sometimes playful—Peters jokes with the host about competitive tennis and game scores—but also delivers serious insight into Netflix’s business thinking. There’s a clear emphasis on humility, long-term thinking, and adaptability amid massive shifts in media and technology.

This episode offers a comprehensive and nuanced look at how Netflix is positioning itself for the future—not as a complacent winner but as an evolving player, striving to innovate across entertainment, gaming, live events, and technology.