Ted Sarandos appointed co-CEO and elected to Board of Directors. Ted joined Netflix over 20 years ago, and we are thrilled to appoint him to be co-CEO with Reed. "Ted has been my partner for decades. This change makes formal what was already informal -- that Ted and I share the leadership of Netflix," says Hastings. Lead Independent director Jay Hoag says "Having watched Reed and Ted work together for so long, the board and I are confident this is the right step to evolve Netflix's management structure so that we can continue to best serve our members and shareholders for years to come." Ted will also continue to serve as Chief Content Officer. In addition, Greg Peters has been appointed COO adding to his Chief Product Officer role. "We want Greg to help us stay aligned and effective as we grow so quickly around the world," said Hastings.

In Q2, revenue grew 25% year over year, while quarterly operating income exceeded $1 billion. We added a Q2-record 10.1m paid memberships vs. 2.7m in last year's Q2. In the first half of this year, we've added 26m paid memberships, nearly on par with the 28m we achieved in all of 2019. However, growth is slowing as consumers get through the initial shock of Covid and social restrictions. We forecast 2.5m paid net adds for Q3'20 vs. 6.8m in the prior year quarter.