Netflix is moving towards less content and focusing on quality over quantity.
Reports indicate that Netflix is shifting its focus to releasing fewer movies. This year, departing from its two-year custom of introducing one movie per week, the streaming platform has decided to revamp its film department.
In its latest initiative, Netflix Motion Picture Group plans to produce films with a combined budget of $30 million or less and mid-budget films that require an investment between $30 – 80 million. Netflix set forth a motion picture development initiative as other streaming rivals emerged, and the units were an essential component of this strategy.
Restructuring our organization will lead to layoffs, including the unfortunate loss of Lisa Nishimura (known for her role in Tiger King) and Ian Bricke, Vice President for Film.
According to Scott Stuber, Netflix Film Chief, the decision to pivot has been made to guarantee that quality is prioritized and fewer titles are released. Despite the success of films such as Red Notice, Don’t Look Up, and Glass Onion: A Knives Out Mystery, Netflix’s more recent releases have failed to garner any critical acclaim or attract substantial viewership. As a result, these titles have had little influence on popular culture.
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