Netflix is restructuring its movie division, vowing to make fewer but better movies, according to a new Bloomberg report partially confirmed by Netflix. The company is consolidating its film division, which produces films for , resulting in a handful of job cuts, including two long-time executives. Netflix told TechCrunch that these changes were made to simplify its structure and prepare it for the next phase of growth, but declined to comment on the number of people laid off.
Netflix Film chairman Scott Stuber has been considering scaling back the company’s film output to ensure more productions are of high quality, according to the report.
It looks like this change has already been implemented, as reports come when Netflix recently revealed its 2023 original movie lineup, which will consist of 49 titles. had 85 original films. For context, Netflix originals refer to both in-house produced content and content for which we own the distribution rights. It’s unclear at this time if Netflix will scale back the original additions it didn’t produce but acquired the rights to. This is a move that will affect new original output on the service.
One of the executives leaving the company is Lisa Nishimura, who was behind the company’s foray into stand-up comedy and original documentaries, Netflix confirmed. , ‘Tiger King’ and some of the most popular titles on Netflix.
Ian Bricke, who was vice president of independent original films at Netflix, is also stepping down. Bricke continues her Netflix dominance in the romantic comedy his space, spearheading notable titles like “The Kissing Booth,” “Set It Up,” and “To All the Boys I’ve Loved Before.” played a big role.
“Risa Nishimura joined Netflix in the DVD era. As the company transitioned to streaming, she built the original documentary and stand-up comedy departments from the ground up, establishing Netflix as a powerhouse in both fields.” Mr Stuber said in an email. statement. “Ian Bricke has been with the company for over 10 years, building and leading independent film teams and captivating filmmakers like Tamara Jenkins, Nicole Holofcener, Marc and Jay Duplass. We thank them for their contribution to making us a world-class film studio and wish them all the best for the future.”
A handful of job cuts were made after Netflix implemented a series of job cuts last year. In May 2022, the company laid off about 150 employees. A month after him, the company laid off another 300 people, representing 3% of his workforce at the time. Netflix then laid off another 30 employees in its animation division in September.
On the editorial side, Netflix laid off 25 members of its editorial staff just five months after launching its in-house Tudum publication.
Earlier this year, Netflix boasted to shareholders that it had successfully expanded its decade-long original programming initiative.
“Ten years after the original programming initiative, and having successfully scaled it, the company has passed the most cash-intensive phase of this buildout,” the company said in a letter to shareholders. increase. “As a result, we are confident that we will continue to generate sustainable, positive annual free cash flow.”
Netflix plans to report Q1 2023 results on April 18.
