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Netflix Inc NFLX is giving its film group a revamp in the form of consolidation. The streaming giant also wants to focus on making fewer but better films going forward.
What Happened: Netflix is set to combine units that make small and midsize films, which will lead to some layoffs and the departure of Lisa Nishimura and Ian Bricke — two experienced executives — reported Bloomberg.
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Nishimura is currently in charge of documentaries and films with smaller budgets, while Bricke is the vice president of the film group and has worked with filmmakers such as Nicole Holofcener and the Duplass brothers.
Scott Stuber, the chair of Netflix films, is reportedly trying to tighten the tap on the company’s output and ensure that more titles are high quality. Currently, Netflix produces more than 50 projects a year.
Netflix did not immediately respond to Benzinga’s request for comment.
Why It Matters: Stuber is centralizing decision-making and encouraging the executives to collaborate more after an era where they had more leeway to make films without asking their superiors, noted Bloomberg.
Netflix had increased its output as it reached a milestone where it knew other studios would stop licensing content.
The company created different divisions for making films with varying budgets as it boosted its output. However, not all films earned high-profile awards or garnered millions of views, stated the report.
Netflix rival Walt Disney Co DIS has also been cutting streaming jobs abroad amid a broader overhaul. The company recently slashed 7,000 jobs.
Price Action: On Thursday, Netflix shares closed 1.9% higher, at $338.43, in the regular session, and gained 0.2% in the after-hours trading, according to Benzinga Pro data.
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Image and article originally from www.benzinga.com. Read the original article here.