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Netflix Restructures Film Group as it Scales Back Movie Output

A smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. (Reuters)
A smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. (Reuters)
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Netflix Restructures Film Group as it Scales Back Movie Output

A smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. (Reuters)
A smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. (Reuters)

Video streaming service Netflix Inc is restructuring its film group, which will result in layoffs and the departure of two of its most experienced executives, Bloomberg reported on Thursday.

As part of the restructuring, Netflix will combine small and midsize picture productions units, resulting in a few job cuts, and scale back the company's output to ensure high quality titles, the report said. It will also centralize decision making of different divisions.

Lisa Nishimura, responsible for documentaries and smaller-budget films, and Ian Bricke, a vice president in the film group, will be leaving after more than a decade with the company, the report added.

Netflix did not immediately respond to a Reuters request for comment.

The company added about 7.6 million subscribers in the fourth quarter of 2022, after bleeding subscribers in the first half as rivals such as Paramount+ and Disney+ raked in viewers.

But average revenue per membership declined across regions in the last three months of 2022.

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Eminem Brings Taylor Swift's Historic Reign at No. 1 to an End, Stevie Wonder's Record Stays Intact

Eminem performs at the Bonnaroo Music and Arts Festival on June 9, 2018, left, and Taylor Swift performs at Wembley Stadium in London as part of her Eras Tour on June 21, 2024. (AP Photo)
Eminem performs at the Bonnaroo Music and Arts Festival on June 9, 2018, left, and Taylor Swift performs at Wembley Stadium in London as part of her Eras Tour on June 21, 2024. (AP Photo)
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Eminem Brings Taylor Swift's Historic Reign at No. 1 to an End, Stevie Wonder's Record Stays Intact

Eminem performs at the Bonnaroo Music and Arts Festival on June 9, 2018, left, and Taylor Swift performs at Wembley Stadium in London as part of her Eras Tour on June 21, 2024. (AP Photo)
Eminem performs at the Bonnaroo Music and Arts Festival on June 9, 2018, left, and Taylor Swift performs at Wembley Stadium in London as part of her Eras Tour on June 21, 2024. (AP Photo)

Eminem's latest album, “The Death of Slim Shady (Coup de Grâce),” has debuted at No. 1 on the Billboard 200, unseating Taylor Swift's "The Tortured Poets Department" after 12 weeks.
In its first week, “The Tortured Poets Department” hit 891.34 million album streams stateside, according to Luminate, the biggest streaming week for an album in history, The Associated Press said.
Swift's album debuted at No. 1 in April and held the top spot for three months. She is the only woman to have done so; Swift beat the previous record held by Whitney Houston's 1987 album, “Whitney.” It spent its first 11 weeks at No. 1.
“The Tortured Poets Department” tied Morgan Wallen's 2023 album “One Thing at a Time,” which also debuted at No. 1 and stayed there for 12 consecutive weeks. (It would later remerge at the top spot, spending 19 weeks total at No. 1.)
The only album to outperform them is Stevie Wonder’s 1976 masterpiece, “Songs in the Key of Life.” It spent 13 weeks at No. 1 after debuting in the top spot; 14 weeks there in total.
“The Death of Slim Shady (Coup de Grâce)" is Eminem's 12th album and his 11th to hit No. 1. “The Tortured Poets Department” dropped to No. 4 as a result. In the second slot is K-pop boy band ENHYPHEN's “ROMANCE:UNTOLD” and irreverent country Zach Bryan's “The Great American Bar Scene” is at No. 3.