Netflix to Make Fewer Movies, Lay Off Senior Staff

pcmag.com:

Netflix is embracing a quality-over-quantity strategy by cutting back on the number of movies it produces as the video-streaming giant restructures its film divisions, Bloomberg reports(Opens in a new window). 

Netflix has been churning out more original feature movies than any other company in Hollywood. As Bloomberg notes, by following a strategy of releasing at least one movie a week for the past two years, Netflix’s yearly original movie output has routinely topped 50. 

The restructuring will mean that Netflix’s smaller budget film division of $30 million or less will be combined with its mid-budget team that produces movies costing between $30 million and $80 million. 

The cutback operation will also impact some positions at the company. Lisa Nishimura, who worked at Netflix for over 15 years and led its standup comedy and original documentary offerings will depart, Bloomberg reported, while Ian Bricke, a vice president in the film group, is also parting ways after over a decade.

According to Netflix’s head of film, Scott Stuber, the move to cut back on movie production is to ensure more titles are of high quality. While Netflix is responsible for massively popular movies such as Glass Onion: A Knives Out Mystery andcritically acclaimed films such as All Quiet on the Western Front, the sheer vastness of its offering means many movies go under the radar. 

The move comes after Netflix laid off hundreds of staff(Opens in a new window) last year as subscribers in 2022 dipped for the first time in over a decade. In a bid to recoup losses from a falling subscriber count, the movie-streaming giant launched a cheaper ad-based subscription plan. 

Netflix attracted some backlash earlier this year when it started clamping down