Netflix's CEO, Greg Peters, believes that the streaming giant can utilize generative AI to enhance its storytelling abilities. However, he remains ambiguous about the specifics of how this will be implemented. During the company's earnings call on Thursday, Peters informed investors that Netflix sees the opportunity to create and provide new tools to content creators, enabling them to tell their stories in more captivating ways. Peters, a long-standing member of the Netflix team since 2008, stated that the company is well-positioned to lead in the adoption of AI. He highlighted that Netflix has already been utilizing AI technology for the past two decades, exemplified by their recommendation algorithms that suggest relevant movies and shows to users. "These technologies are the basis of our recommendation systems, which assist us in reaching wider audiences for our content, " Peters explained.

He also emphasized that Netflix intends to continually evolve and enhance its AI-powered systems as new technologies emerge. Regarding concerns that AI may ultimately replace or heavily influence the creative process of filmmaking and TV production, Peters believes that storytellers should primarily focus on crafting excellent narratives. Recognizing the challenges and complexities of delivering thrilling stories solely through film and games, he asserted that AI can play a unique and crucial role in achieving this. In other Netflix news, the company's stock has experienced a slight decline following the announcement that subscriber numbers may decrease. Additionally, Netflix surpassed 9 million new subscribers, despite no longer providing detailed subscriber updates. Disney+, a major competitor to Netflix, is seeking new technologies to surpass its rival in the streaming industry.