This measure is part of the streaming giant’s enhancement program, following its 44% drop in the stock market.
Faced with increasing competition and slowing subscriber growth (minus 200,000 in the last quarter), Netflix decided to slow down its production. According to information from HollywoodReporterthe era of expensive projects is over for the platform, whether in animation or live action. The Irishmanof Martin Scorsese, had cost the production more than 175 million dollars? It certainly won’t happen again. ” This tendency to do anything and everything to attract talent and give them carte blanche is disappearing “explains one of the sources. Other examples are cited, such as raising the stakes to acquire They’ll love me when I’m dead, a documentary about Orson Welles. Spending large sums to distribute auteur films would not be profitable for Netflix, explains the American magazine.
After a loss of 200,000 subscribers, Netflix cancels animation projects
Since a stock market drop of 44%, Scott Stuber, head of the company’s films at N rouge, is trying to apply a new protocol: fewer productions, so that the firm can concentrate on its biggest projects. One of the executives says: Morale is blocked at the level of actions », the atmosphere would be disturbed because of these changes. Because it is not the only one: the company had to lay off more than 150 employees, or 2% of its workforce. Much of the action films division but also that of independent films, which produced feature films with budgets of less than $30 million, saw its ranks empty. It is now a question of coming out less, bigger and better. Ted Sarandos, co-head of Netflix, explains: Just a few years ago, we were fighting to overtake the market for small art films. Today we release some of the most popular and watched movies in the world, like Don’t Look Up, Red Notice and Adam through time for the last few months “. Clearly, the company is ready to invest several hundred million dollars in a project if it is certain of its financial benefits. As for example to acquire the suites ofAt daggers drawnstill directed by Rian Johnson and worn by Daniel Craig, who have hit a real jackpot by signing with Netflix.
Netflix has lost 200,000 subscribers, the first in ten years
Regretting this measure, one of the insiders said: “ The little movies will disappear “. Indeed: the days of Netflix being touted as the savior of low-budget movies seem to be over, much to the chagrin of rom-com fans like Always Be My Maybe, The Kissing Booth and To all the boys, successful feature films that had launched many actors.
What to see on Netflix in June 2022 in France?