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.