Netflix released at least one movie a week over the past two years – I challenge you to name them all! – but for 2023, the company is changing course. According to Bloomberg, the streaming giant is restructuring its movie division and releasing fewer movies overall. Despite the sheer number of titles Netflix previously released, only a few had won accolades, attained significant hours of streaming, or had the kind of cultural impact some of the biggest blockbusters had achieved. (According to the company’s Top 10 page, its most-watched movies for 2021 and 2022 include Red Notice, Don’t Look Up and Glass Onion: A Knives Out Mystery.)
Netflix ramped up its film development after studios started building their own streaming services instead of licensing their movies to the company. This restructuring will combine the team working on small projects with a budget of $30 million or less and the unit that produces mid-budget films that cost $30 million to $80 million. There’s also a big-budget arm to its film development unit – likely involved with the aforementioned hits. No word yet on whether the restructuring will affect that part of the business.
– Mat Smith
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This article originally appeared on Engadget at https://www.engadget.com/the-morning-after-netflix-plans-to-make-fewer-better-movies-111522164.html?src=rss
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