Netflix has made headlines recently due to getting rid of its password sharing. Now, the company also wants to make less original content. According to Bloomberg, the streaming giant wants to restructure its movie division and move from releasing movies weekly to releasing fewer overall.
The report indicates that Netflix will combine its small project team, which has a budget of $30 million or less, and its mid-budget films team, which has a $30 to $80 million budget. This restructuring will result in a “handful” of layoffs. The specific number of layoffs wasn’t mentioned. Still, layoffs will include two notable execs, Lisa Nishimura, who has overseen documentaries like Tiger King and other small films, and the VP for film, Ian Birke.
It’s unclear if Netflix’s big budget division has been affected by its restructuring. Reportedly, Netflix film chief Scott Stuber reduced the number of movies the company is releasing in 2023 so that the company can make better quality movies.
Last year the company cut 300 jobs but also stated that it’s adding 1,500 jobs by the end of 2023. Strangely, the company will be cutting more again, though.
In early 2023, Disney announced that it would lay off 7,000 employees. Additionally, Amazon plans on laying off 10,000 employees.
Source: Bloomberg, Engadget