Netflix will focus on making films that appeal to a wider audience, with the goal of achieving hits like Adam’s Project And the red noticeInstead of spending money on expensive vanity projects aimed at earning prizes from your streaming device. The plan, which aims to reduce costs by reducing the number of executives and producers who get paid by Netflix, necessarily reduces production budgets – the example given in The Hollywood Reporter The article is that you could watch a $20 million movie, instead of two $10 million movies — but the goal would be to make fewer and better movies instead of flooding the market with original content.
The report comes on the heels of a number of cancellations and layoffs after the company’s share price took a massive hit. The operator has effectively lost subscribers for the first time in ages, according to a recent quarterly report. Much of that came from Russia, where the company halted service amid the invasion of Ukraine, but higher prices in the United States didn’t help it.
“Just a few years ago, we were struggling to monetize the market on small art films,” Ted Sarandos, co-chairman of Netflix, told analysts during an earnings call in April. “Today, we release some of the most popular and most watched movies in the world. Over the past few months, things like do not search And the red notice And the Adam’s ProjectAs examples.
This plan actually brings Netflix more in line with the rest of the film industry, as small budgets for independent films and huge budgets for crowd-pleasing pillars are increasingly becoming the norm, with mid-budget films largely disappearing. It’s the opposite trend taken by HBO Max, with the new CEO of Warner Bros. Discovery doesn’t want any original movies to cost more than $35 million.
The plan at Netflix remains to drop a new, original movie every week, although some of those movies will be sourced from elsewhere. One such example is Emily Blunt’s thriller pain joggersWhich THR Netflix says recently that it acquired it for about $50 million.
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