Hulu has announced that Mike Hopkins is the new CEO. Here are five fast facts you need to know.
1. Hopkins Will Leave His Current Role At Fox Networks
Mike Hopkins will take over Hulu immediately. (Engadget)
Currently serving as President of Distribution at Fox Networks, the exec will leave that post to take over the struggling streaming site. He will replace Andy Forsell who has been leading as acting CEO since March 2013. Mike was always the best candidate for the role and was considered to be the top pick when news leaked last week that the company was seeking someone to take over. Also, Mike Hopkins had been on the board of directors since 2011.
2. Hulu Has Been Struggling For A Long Time
Hulu was very close to being sold to a new company this summer but the owners decided to keep it and give it $750 million dollar infusion. (Getty)
The site was very popular for a few years before it descended into chaos. Earlier this year, the owners attempted a sale to the best bidder. Ultimately, they changed their mind and kept Hulu interested in exploring how they could bolster its services.
3. Hopkins Is Ready For This
Current CEO Andy Forsell will leave after being in the position since March 2013. (Getty)
In an e-mail addressed to the company which was published on the Hulu blog, Hopkins acknowledged that times have been tough but is optimistic about the future. He assures his new staff that they have done great work in building up this “great product”. Mike is an experienced media exec as well and would be able to guide Hulu into the future. His record in establishing distribution deals for certain content supported the decision by the board to bring him on.
4. Subscription Services Could Be The Target For Expansion
The appointment of Hopkins to this role could mean that the parent organizations are getting serious about exploring subscriptions to strengthen their cash flow. This valuable source of capital which has helped similar sites expand their services and offer more programming. The likelihood they utilize this tactic is pretty strong since Techcrunch points out that Fox shows like American Dad for DISH Network subscribers requires payment so this initiative could be on the horizon.
5. Hulu Is On Stable Ground
The Awesomes Is One Hulu’s efforts to expand into original programming backed SNL’s Seth Meyers. (Getty)
Combining the $750 million infusion of cash it gained this summer along with Hopkins coming aboard, the company is on firm footing for the future. Other projects it could approach may be producing original content. This has become a popular route to take for Netflix with them racking up Emmy nominations for House of Cards. The departure of Forsell and Jason Killar has left Hulu in disarray but they’re moving in the right direction thanks to this new hire.
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Mike Hopkins, New Hulu CEO: 5 Fast Facts You Need To Know