Hulu will have to look for a replacement for CEO Jason Kilar who is stepping down from his role in the first quarter of this year after more than five years at the helm.
He made the announcement in a company email and copied it to the company’s blog on Friday. In the blog post, he said that despite the shortcomings and criticisms about how a streaming model featuring mainstream content could work, he and his team helped build Hulu to become of the biggest sources of online video.
Kilar said in his blog: “Five and a half years later, thanks to the missionary work of this amazing 600+ worldwide team and courageous, prescient partners, we are fortunate to have collectively built a culture that matters, a brand that matters, a business that matters.”
Since it launched in 2007 featuring content from News Corp, the Walt Disney Company, NBC and many others, Hulu has grown tremendously and is now available on multiple devices like Xbox 360, Playstation 3 and Apple TV. Its Hulu Plus premium subscription service recently reached the 3 million mark, and Kilar said in an earlier blog post that Hulu generated $695 million in revenue in 2012.
However, in response to Kilar’s upcoming departure, AllThingsD’s Peter Kafka said that the future of Hulu is uncertain given that other employees are leaving the company as well. He wrote: “Hulu in 2013 isn’t nearly as exciting as Hulu was in 2007, but you can’t blame Kilar for that. The site’s original corporate boosters are long gone, and in their place are people who aren’t nearly as enthusiastic about its chances, and can’t decide what they want to do with it regardless.”