Fewer upcoming Netflix original movies to improve their quality. Change of strategy, which is accompanied by a major restructuring.
Netflix has been releasing at least one movie a week for the past two years, but in 2023 the company looks set to change pace. The streaming giant is restructuring its film division and will release fewer films, according to Bloomberg. The American giant will bring together a team working on small projects with budgets of no more than $30 million and a team producing films with budgets ranging from $30 million to $80 million. This restructuring will result in a “certain number”of layoffs – the exact number has not been released – and the departure of two important executives. Lisa Nishimura, who oversees documentaries such as Tiger King and low-budget films, and vice president Jan Brik are leaving the company after more than a decade.
Fewer upcoming Netflix original movies to improve their quality
As reported by Bloomberg, Netflix stepped up its film development efforts after studios started building their own streaming services rather than licensing their films to the platform. In addition to its low- and mid-budget film teams, Netflix has a third big-budget division. It is not known whether this restructuring will affect the latter.
Despite the large number of films already released by Netflix, few have achieved recognition, accumulated millions of hours watched, or had a cultural impact that rivals the biggest blockbusters. According to the company’s Top 10 page, some of the most viewed films of 2021 and 2022 are Red Notice, Don’t Look Up, and Glass Bow: A Tale of Drawn Daggers. Netflix Film Manager Scott Stuber has decided to significantly slow down the release of films this year in order to provide better projects.
Change of strategy accompanied by major restructuring
Scott Stuber did not say how many people will lose their jobs as a result of the restructuring, but the number is expected to be much less than during last year’s wave of layoffs. Netflix cut its payroll earlier than many of its competitors. HBO and HBO Max, for example, were to do so as part of a major restructuring of Warner Bros. Opening in August. Disney, for its part, announced that it has laid off at least 7,000 employees, including those in its media and distribution divisions.