Netflix restructures film group as it scales back movie output: Report

Netflix is restructuring its film group, resulting in some layoffs and the departure of two of its most experienced executives, Bloomberg News reported.

As part of the restructuring, Netflix will combine its small and mid-sized picture productions units, cut a few jobs, scale back its output to ensure high quality titles and centralise decision-making, the report, which cited the company, said.

Netflix, which won four Academy Awards for its “All Quiet on the Western Front”, did not respond to a Reuters request for comment.

The world’s dominant streaming service has been trying to focus on revenue growth, including planning a crackdown on password sharing as it lost subscribers in the first half of the year amid intense competition by rivals like Paramount+ and Disney+. Lisa Nishimura, responsible for documentaries and smaller-budget films, and Ian Bricke, a vice president in the film group, will be leaving after more than a decade.

The executives’ departure comes after Reed Hastings stepped down in January as the chief executive of the firm, handing over the reins to co-CEO Ted Sarandos and chief operating officer Greg Peters.

The streaming giant in February cut prices of its subscription plans in some countries, looking to maintain subscriber growth, while also laying off hundreds of staff last year to lower costs.