Hulu’s president, Kelly Campbell, is leaving her role after just 19 months.
The company confirmed Campbell’s departure but declined to comment on why she is leaving.
Although Hulu has grown under Campbell’s watch, the Walt Disney-owned streaming service has faced rising competition from Netflix and other services vying for consumers’ attention and money.
Campbell wrote in a post on LinkedIn that she was proud of what she and her team achieved together. She joined Hulu in 2017 after working for 12 years at Google, serving in positions including senior director of growth marketing for Google Cloud.
“Four years ago I accepted my dream job when I joined Hulu,” Campbell wrote. “And it didn’t disappoint. I worked with the best of the best, in a values-driven culture full of the most talented people around.” She was appointed president in February 2020.
Rebecca Campbell, Walt Disney Co.'s chairman of international operations and direct-to-consumer, will oversee Kelly Campbell’s direct reports until a replacement is named, Hulu said.
Although Disney+ gets the most attention, Hulu plays a key role in Walt Disney Co.'s streaming strategy. It is home to “The Handmaid’s Tale,” “Little Fires Everywhere” and various FX shows that don’t fit neatly into Disney’s family-friendly club of marquee brands.
Hulu has grown significantly under Disney control’s. Hulu, which operates domestically only, hit nearly 43 million subscribers in the most recent fiscal quarter, up 20% from 35.5 million at the same time last year. It was profitable during the quarter.
Hulu has about a 10% share of the streaming market, according to Nielsen analyst Brian Fuhrer. The pioneering streaming service, which launched in 2007, trails Netflix (25%) and YouTube (20%) but draws more users than Amazon Prime Video (nearly 9%) and Disney+ (which has 6%). The appeal of Hulu has long been easy access to current network shows.
At an investor conference last month, Disney Chief Executive Bob Chapek touted Hulu’s model, which allows advertising, and noted the subscription streaming space is “malleable.”
“It’s soft clay right now,” Chapek said.
Analysts at MoffettNathanson recently estimated the value of Hulu at roughly $57 billion, accounting for its growing subscription revenues and its live TV offering.
Hulu’s business prospects have long been complicated by shared ownership. While Disney has held operational control of Hulu in recent years, rival Comcast Corp. still owns a 33% stake.
In 2019, the companies jointly announced that Disney immediately would assume operational control of the streamer and that Comcast would sell its position by January 2024. The companies set a minimum value of $27.5 billion.
Analysts have wondered whether Comcast will exit Hulu early, which would require Disney to come up with a big check.
There has been a lot of executive movement in the entertainment industry during the streaming wars, as companies try to recruit the best leaders to take their platforms to the next level. Among other high-profile executives who recently left their companies is YouTube’s vice president of content partnerships, Kelly Merryman.
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