Netflix has launched plans for "bigger, fewer and better" after they announced an end to greenlighting expensive vanity projects.
The digital streaming giant changed course and confronted its new realities after April's shocking earning disclosure. Netflix has been struggling to maintain subscriber growth, they have even lost 200,000 subscribers in the latest quarter.This rising competition has stemmed from Disney's undeniable bundle which includes Disney+, Hulu and ESPN+, making it difficult for Netflix to compete. Currently, Netflix sits just above competitors with 221 million global subscribers compared to the 205 million subscribers with Disney.
Netflix executives and producers shared with The Hollywood Reporter that as they move forward from unforeseen changes, the focus will be on fewer films on a larger budget at a slower rate.
“Today, we’re releasing some of the most popular and most watched movies in the world. Just over the last few months, things like 'Don’t Look Up' and 'Red Notice' and 'Adam Project,' as examples of that.”
Do not expect a huge change; Netflix predicted the transition to be very subtle. Rather than releasing two movies, both with a budget of $10 million, one movie worth $20 million is more valuable to them.
“The goal will be to make the best version of something instead of cheapening out for the sake of quantity.”
Netflix has already made plans to remain a leading competitor after purchasing Emily Blunt’s thriller "Pain Hustlers" on a $50 million-plus deal.