Netflix to reduce movie production, trim workforce in restructuring move

Netflix has been producing many original films, and the number even surpassed most filmmaking firms in Hollywood. Now the California-headquartered firm is reportedly reducing its movie productions.

As per Fox Business, Netflix is also cutting down its workforce as part of its restructuring move, which it said will help it to centralize decision-making. Moreover, it will also merge its units that make small and mid-size firms and this means there will also be layoffs.

Based on the reports, two long-time executives are set to leave along with a handful of employees. It was mentioned that Lisa Nishimura is making her exit after serving Netflix for 15 years.

She has led the company into producing original documentaries and standup comedies. She was in charge of documentaries and small-budgeted films. Another executive, Ian Bricke, who served as the vice president in the film division is leaving as well after working for the company for more than a decade. He has been credited to have helped create the “The Kissing Booth” movie franchise.

Netflix is said to be scaling back on movie releases to focus on the production of more high-quality films. The company produced some films that have won at the Oscars and it wants to make more content like this.

It was noted that Netflix had formed several units for movies. These were created to manage movies at different price points, which include small-budgeted movies with $30 million or fewer funds, while another unit is responsible for films with a budget ranging from $30 million to $80 million, and another one handles movies with a bigger budget.

These units at Netflix have been operating independently, and the executives managing them are said to be producing films without consulting with their superiors. Meanwhile, according to Reuters, the restructuring at Netflix Inc. is ongoing, and the layoffs were first reported late last week.

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