After two years of releasing one new original film a week, Netflix will reduce film production in 2023 by merging units and reducing the total number of titles released.
According to Bloomberg, the company will centralize decision-making with the restructuring. Teams working on smaller projects (up to $30 million in budget) and the unit producing mid-budget films (up to $80 million) will be merged. The divisions operated largely independently, with executives making films without consulting their superiors. The restructuring will involve a “small” number of job cuts and the departure of two key executives, Lisa Nishimura and Ian Bricke, who will be leaving the company after more than a decade.
Netflix expanded its movie development efforts after studios started building their own streaming services instead of licensing their movies to the company. In addition to the units that work on low- and mid-budget films, Netflix has another division that develops big-budget projects. It is unclear whether the latter group will also be affected by the restructuring.
Netflix’s head of films, Scott Stuber, has decided to reduce the number of titles released this year to ensure that the division produces high-quality projects. Despite the large number of titles Netflix releases annually, only a few have won awards or achieved millions of streaming hours with a cultural impact similar to some of the biggest blockbusters. According to the company’s Top 10 page, its most watched films in 2021 and 2022 were ‘Red Alert’, ‘Don’t Look Up’ and ‘Glass Onion: A Knives Out Mystery’.
Stuber didn’t say how many people will lose their jobs during the restructuring, but the numbers are expected to be lower than the company’s job cuts last year. Netflix has implemented job cuts ahead of many of its competitors in the film, TV and entertainment industries. HBO and HBO Max had to lay off some production team members as part of a major restructuring at Warner Bros. Discovery in August, while Disney recently announced it was laying off 7,000 workers, including those involved in media and distribution.
Netflix has released more original films than any other Hollywood company as of late, churning out more than 50 projects a year. The reduction in the number of releases is intended to produce higher quality titles, such as “Roma” and the Oscar-winning “Nothing’s New on the Front”.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
