Netflix restructures film group as it scales back movie output

The world's dominant streaming service, which won four Academy Awards for its "All Quiet on the Western Front" has been trying to focus on revenue growth

Representational photo /Unsplash

Netflix Incis restructuring its film group, resulting in some layoffs and the departure of two of its most experienced executives, Bloomberg Newsreportedon Thursday.

As part of the restructuring, Netflix will combine its small and mid-sized picture productions units, cut a few jobs, scale back its output to ensure high quality titles and centralize decision-making, the report, which cited the company, said.

Netflix, which won four Academy Awards for its "All Quiet on the Western Front", did not immediately respond to a request for comment.

The world's dominant streaming service has been trying to focus on revenue growth, including planning a crackdown on password sharing as it lost subscribers in the first half of the year amid intense competition by rivals like Paramount+ and Disney+.

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, Bloomberg News said.

Reuters could not immediately reach Nishimura and Bricke for comments.

The executives' departure comes after Reed Hastingsstepped downin January as the chief executive of the company, handing over the reins to co-CEO Ted Sarandos and chief operating officer Greg Peters.

The streaming giant in Februarycutprices of its subscription plans in some countries, looking to maintain subscriber growth, while alsolaying offhundreds of employees last year to lower costs after it lost subscribers.