The co-founder of Netflix, Reed Hastings, is leaving the company, stepping down as chairman of the streaming platform he founded nearly 30 years ago.

He has been at the helm of the company for much of that time, overseeing Netflix's evolution from a postal subscription service to an entertainment giant producing its own content.

"Netflix changed my life in so many ways, and my all‑time favourite memory was January 2016, when we enabled nearly the entire planet to enjoy our service," Hastings said.

The announcement came as Netflix reported a 16% increase in revenue for the first quarter of 2026, its first set of results since its failed bid for Warner Bros Discovery.

The better-than-expected results were driven by higher membership prices and a boost in income from advertising on the platform, the company said.

Commenting on the failed bid, chief executive Ted Sarandos said: "We said from the beginning it was a nice to have, not a need to have.

"Our biggest risk was losing focus on our core business… as you can see from our Q1 results, we did not lose focus."

But the share price fell around 8%.

Netflix said Hastings' decision to step down was driven by a desire to focus more on philanthropy and other pursuits.

Hastings set up Netflix in 1997 with Marc Randolph, offering DVD film rentals to customers by post, arriving in characteristic red envelopes. Randolph, who served as its first chief executive, stepped down in 2003.

The company later moved into producing its own programming, eating into Hollywood's traditional business with feature-length films, and traditional television's territory with series ranging from Bridgerton to KPop Demon Hunters.

The now $450bn company is credited, or charged, with changing the way people consume movies and television, binge-watching series at home and visiting the cinema less.

Hastings stepped down as co-chief executive in 2023, but stayed on as executive chairman. He leaves that role in June.

Co-chief executives Ted Sarandos and Greg Peters praised his leadership style and said his influence would continue to guide the platform.

His departure comes as the company faces a challenging juncture amid growing competition. That will come from rival streaming firms, particularly if Paramount Skydance's planned takeover of Warner ⁠Bros goes ahead, but also from social media firms like TikTok and YouTube.

Sarandos said following the failed bid for Warner Bros., Netflix would "continue to strengthen [its] core offering" but was also pushing into new areas such as video podcasts, live music, expanding its games offering and a new kids gaming app, and building up its live sporting events.

Later this year, it will broadcast a heavyweight fight in the UK between Tyson Fury and Anthony Joshua.