Netflix, which has been releasing at least one movie every week for the last two years, may make some changes in 2023. The streaming giant is restructuring its movie division and will release fewer movies overall, Bloomberg reports.
Netflix combines its team that works on small projects with budgets of $30 million or less, and its team that produces mid-budget films ranging from $30 million to $80 million. The restructuring would result in “a handful” of layoffs (the company does not specify a specific number) and result in the departure of two key executives. Lisa Nishimura, who directed documentaries and small-budget films such as Tiger King, and Ian Bricke, Vice President of films, are leaving their positions at the company after more than a decade.
As Bloomberg points out, Netflix stepped up its movie development efforts after studios started creating their own streaming services rather than licensing their movies to the company. In addition to its units working on small and medium budget films, Netflix also has a division that develops large-budget projects. It is not yet clear whether this division will also be affected by the restructuring.
Despite the large number of movies Netflix has released before, only a small number of them have earned accolades, reaching millions of hours of airtime, or the kind of cultural impact some of the biggest blockbusters have achieved. According to the company’s Top 10 page, its most-watched films in 2021 and 2022 include Red Notice, Don’t Look Up, and Glass Onion: A Knives Out Mystery.
Fewer quality movies instead of more movies
Reportedly, Netflix Film executive Scott Stuber has reportedly decided to reduce the number of movies the service releases this year in an effort to produce higher-quality projects.
Stuber did not say how many people lost their jobs due to this change, but the numbers are expected to be less than the layoffs that occurred at the company last year. Netflix had laid off layoffs before most of its film, TV and entertainment rivals. HBO and HBO Max launch a bigger Warner Bros. As Discovery had to part ways with some production crew members as part of its restructuring, Disney recently announced it was laying off 7,000 employees, including those involved in media and distribution.
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