You know how it goes. The rich get richer and the poor get poorer. No matter which side of the fence you are on, at least you have Netflix to watch. Let’s hope it improves as well, because Netflix CEO Reed Hastings will see a bigger paycheck from the video streaming service next year, with the streaming service revealing a $4 million compensation package in documents filed today with the Securities and Exchange Commission.
Hastings will receive $2 million in salary and $2 million in compensation through stock options, with the latter growing or shrinking depending on Netflix’s performance. The 2013 pay package is a nice boost for Hastings, who earned $500,000 in salary and $1.5 million in stock options in 2012.
The streaming service’s most recent financial results show Netflix pulling in $8 million in profit on $905 million in revenue. Under Hastings, the company has continually added users to its streaming service, picking up 1.16 million new domestic streaming customers and 690,000 international streaming subscriptions in the third quarter. Netflix’s most recent figures had the company at 29.31 million total streaming subscriptions, with 25.1 million of those in the United States. It’s a good time to be Reed Hastings.
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