Month: March 2023
Netflix hopes making fewer original movies will make them better
Netflix released at least one movie a week over the past two years, but for 2023, the company is changing course. According to Bloomberg, the streaming giant is restructuring its movie division and releasing fewer movies overall. Netflix will combine the team working on small projects with a budget $30 million or less and the unit that produces mid-budget films that cost $30 million to $80 million to make. The restructuring will result in a “handful” of layoffs — the company didn’t specify a number — and the departure of two notable executives. Lisa Nishimura, who oversees documentaries like Tiger King and small budget films, as well as VP for film Ian Bricke are both leaving the company after over a decade.
As Bloomberg notes, Netflix ramped up its film development efforts after studios started building their own streaming services instead of licensing their movies to the company. In addition to the units working on small and mid-budget films, Netflix has one more division developing big-budget projects. It’s unclear if the last group is also affected by the restructuring.
Despite the sheer number of titles Netflix previously released, only a few had won accolades, had reached millions of hours of streaming, or had the kind of cultural impact some of the biggest blockbusters had achieved. (According to the company’s Top 10 page, its most watched movies for 2021 and 2022 include Red Notice, Don’t Look Up and Glass Onion: A Knives Out Mystery.) Netflix Film chief Scott Stuber reportedly decided to cut down on the titles the service is releasing this year so he could ensure that the division is producing more high-quality projects.
Stuber didn’t say how many people are losing their jobs from the shakeup, but the numbers are supposed to be smaller than the layoffs that happened at the company last year. Netflix implemented job cuts before many of its rivals in the film, TV and entertainment space did. HBO and HBO Max had to let some production staff members go as part of a larger Warner Bros. Discovery restructuring back in August, while Disney recently announced that it’s laying off 7,000 workers, including those involved with media and distribution.This article originally appeared on Engadget at https://www.engadget.com/netflix-hopes-making-fewer-original-movies-will-make-them-better-075456182.html?src=rss
Netflix released at least one movie a week over the past two years, but for 2023, the company is changing course. According to Bloomberg, the streaming giant is restructuring its movie division and releasing fewer movies overall. Netflix will combine the team working on small projects with a budget $30 million or less and the unit that produces mid-budget films that cost $30 million to $80 million to make. The restructuring will result in a “handful” of layoffs — the company didn’t specify a number — and the departure of two notable executives. Lisa Nishimura, who oversees documentaries like Tiger King and small budget films, as well as VP for film Ian Bricke are both leaving the company after over a decade.
As Bloomberg notes, Netflix ramped up its film development efforts after studios started building their own streaming services instead of licensing their movies to the company. In addition to the units working on small and mid-budget films, Netflix has one more division developing big-budget projects. It’s unclear if the last group is also affected by the restructuring.
Despite the sheer number of titles Netflix previously released, only a few had won accolades, had reached millions of hours of streaming, or had the kind of cultural impact some of the biggest blockbusters had achieved. (According to the company’s Top 10 page, its most watched movies for 2021 and 2022 include Red Notice, Don’t Look Up and Glass Onion: A Knives Out Mystery.) Netflix Film chief Scott Stuber reportedly decided to cut down on the titles the service is releasing this year so he could ensure that the division is producing more high-quality projects.
Stuber didn’t say how many people are losing their jobs from the shakeup, but the numbers are supposed to be smaller than the layoffs that happened at the company last year. Netflix implemented job cuts before many of its rivals in the film, TV and entertainment space did. HBO and HBO Max had to let some production staff members go as part of a larger Warner Bros. Discovery restructuring back in August, while Disney recently announced that it’s laying off 7,000 workers, including those involved with media and distribution.
This article originally appeared on Engadget at https://www.engadget.com/netflix-hopes-making-fewer-original-movies-will-make-them-better-075456182.html?src=rss
TikTok Under Fire Reveals $13 Billion Drop in Founder’s Fortune
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South Carolina Coach Dawn Staley Carries the Hopes of Her Team
As South Carolina seeks its second straight N.C.A.A. women’s basketball championship, Coach Dawn Staley carries the hopes of her family, her team and the generation of coaches she has inspired.
As South Carolina seeks its second straight N.C.A.A. women’s basketball championship, Coach Dawn Staley carries the hopes of her family, her team and the generation of coaches she has inspired.
Virgin Orbit Fails To Secure Funding, Will Cease Operations
Virgin Orbit is ceasing operations “for the foreseeable future” after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting Thursday afternoon. The company will lay off nearly all of its workforce. CNBC reports: “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company,” Hart said, according to audio of the 5 p.m. ET meeting obtained by CNBC. “We have no choice but to implement immediate, dramatic and extremely painful changes,” Hart said, audibly choking up on the call. He added this would be “probably the hardest all-hands that we’ve ever done in my life.”
The company will eliminate all but 100 positions, amounting to about 90% of the workforce, Hart said, noting the layoffs will affect every team and department. In a securities filing, the company said the layoffs constituted 675 positions, or approximately 85%. “This company, this team — all of you — mean a hell of a lot to me. And I have not, and will not, stop supporting you, whether you’re here on the journey or if you’re elsewhere,” Hart said. Virgin Orbit will “provide a severance package for every departing” employee, Hart said, with a cash payment, extension of benefits, and support in finding a new position — with a “direct pipeline” set up with sister company Virgin Galactic
for hiring.
Read more of this story at Slashdot.
Virgin Orbit is ceasing operations “for the foreseeable future” after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting Thursday afternoon. The company will lay off nearly all of its workforce. CNBC reports: “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company,” Hart said, according to audio of the 5 p.m. ET meeting obtained by CNBC. “We have no choice but to implement immediate, dramatic and extremely painful changes,” Hart said, audibly choking up on the call. He added this would be “probably the hardest all-hands that we’ve ever done in my life.”
The company will eliminate all but 100 positions, amounting to about 90% of the workforce, Hart said, noting the layoffs will affect every team and department. In a securities filing, the company said the layoffs constituted 675 positions, or approximately 85%. “This company, this team — all of you — mean a hell of a lot to me. And I have not, and will not, stop supporting you, whether you’re here on the journey or if you’re elsewhere,” Hart said. Virgin Orbit will “provide a severance package for every departing” employee, Hart said, with a cash payment, extension of benefits, and support in finding a new position — with a “direct pipeline” set up with sister company Virgin Galactic
for hiring.
Read more of this story at Slashdot.