Netflix Inc. is cutting ties with two longtime creative executives amid a restructuring that will result in the streaming service making fewer movies each year, according to reports late Thursday.
Bloomberg News reported the restructuring of Netflix’s film group will combine the small and mid-sized film units, and will result in some layoffs.
Lisa Nishimura, who led Netflix’s documentary and small-budget films, will leave the company, according to Bloomberg and Variety, along with Ian Bricke, the film group’s vice president. Nishimura had reportedly been with Netflix for more than 15 years, and Bricke for more than 10.
“We thank them both for their contributions to making us a world-class film studio and wish them the best for the future,” Netflix Film Chairman Scott Stuber said in a statement. Live-action film content will now be overseen by Kira Goldberg, Ori Marmur and Niija Kuykendall.
Also see: Netflix stock rallies after ‘rising star’ credit upgrade at Moody’s
According to Bloomberg, Stuber is looking to scale back on the quantity of movies the company makes, and focus on quality. Netflix has been producing about 50 movies a year, far more than any Hollywood studio.
Netflix is looking to cut costs and focus on profitability as its decade run of sharp growth has finally plateaued. Netflix shares
are up 15% year to date but down nearly 10% over the past 12 months, compared to the S&P 500’s
5.5% gain in 2023 and 10.6% decline over the past year.