The Morning After: Netflix plans to make fewer but better movies

Netflix has released at least one movie a week for 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 vast number of titles previously released by Netflix, only a few have won acclaim, achieved significant streaming hours, or had the cultural impact that some of the biggest blockbusters have achieved. (According to the company’s Top 10 Most Watched Movies of 2021 and 2022 page, they include Red notice, do not look up and Glass Onion: A Knives Out Mystery.)

Netflix has ramped up film development after studios began building their own streaming services instead of licensing their films to the company. This restructuring will combine the team working on small projects with budgets of $30 million or less, and the unit that produces medium-budget films that cost $30 million to $80 million. There’s also a big-budget branch of the film development department – ​​presumably involved in the aforementioned hits. There is no word yet on whether the restructuring will affect this part of the business.

– Matt Smith

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