Netflix released at least one movie a week for the past two years. I challenge you to name them all! – but by 2023, the company is changing course. According Bloomberg, the streaming giant is restructuring its movie division and releasing fewer movies overall. Despite the myriad of titles Netflix has released before, only a handful have earned acclaim, achieved significant streaming hours, or had the kind of cultural impact that some of the biggest blockbusters have achieved. (According to the company’s Top 10 page, its most viewed movies for 2021 and 2022 include Red notice, don’t look up and Crystal Onion: A Knives Out Mystery.)
Netflix accelerated its development of movies after studios began creating their own streaming services instead of licensing their movies to the company. This restructuring will combine the team that works on small projects with a budget of $30 million or less and the unit that produces mid-budget movies that cost between $30 million and $80 million. There’s also a big-budget arm in his movie development unit, likely involved with the aforementioned hits. It is not yet known if the restructuring will affect that part of the business.
–Matt Smith
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