Netflix is still trying to nail movies
Netflix’s new movie chief is already shaking things up. Just two weeks into his tenure, Dan Lin has laid off 15 employees in the film department (~10% of its staff) and reorganized the division by genre instead of budget level, as the streaming giant looks to produce a wider spectrum of films.
Lin’s new vision for one of Netflix’s highest profile departments comes amidst a wider strategic reshuffle at the company. Gone are the days of limitless budgets, blank checks and endless A-list packed action flicks. A new era — complete with a password sharing crackdown, multiple price hikes, a foray into advertising, and much tighter departmental purse strings — has been ushered in by the world’s largest streamer.
The leaner, new Netflix shows up most clearly in the company’s cash spending on content: last year Netflix spent $13.1 billion on content, some 21% less than the $16.7 billion spent in 2022.
Lin’s new vision for one of Netflix’s highest profile departments comes amidst a wider strategic reshuffle at the company. Gone are the days of limitless budgets, blank checks and endless A-list packed action flicks. A new era — complete with a password sharing crackdown, multiple price hikes, a foray into advertising, and much tighter departmental purse strings — has been ushered in by the world’s largest streamer.
The leaner, new Netflix shows up most clearly in the company’s cash spending on content: last year Netflix spent $13.1 billion on content, some 21% less than the $16.7 billion spent in 2022.
