The upheaval at Netflix is accelerating. The streamer’s film chief Dan Lin is out after nearly three years, and longtime chief content officer Bela Bajaria has also departed after almost a decade, as the company cuts roughly 1,000 jobs — about 6% of its workforce.
Former Disney executive Peter Rice will take charge of the film division on an interim basis while the company searches for a permanent head. Reports indicate Lin learned of his exit before attending the Academy Museum Gala and a campus screening, and he is expected to address his team this week; Rice is due to start on October 26.
The shake-up lands against a sobering backdrop. Engagement growth has slowed — co-CEO Ted Sarandos has said the company is “not growing as fast as I want us to” — and the stock has fallen around 40% over the past year. Netflix reported its third-quarter earnings on October 20.
Lin’s tenure was not without highlights: he greenlit 88 films, including the Oscar-winning KPop Demon Hunters, Happy Gilmore 2 and Guillermo del Toro’s Frankenstein. Bajaria, meanwhile, was one of the most powerful creative executives in television during her long run.
What happens next will shape the streamer’s film slate for years. The new leadership inherits both a celebrated library and a hard question: how to turn spending into the kind of growth Wall Street is demanding.
Read also: Netflix’s streaming hits and the awards-season documentary race.
Bhudev Bhagaliya is an experienced and senior journalist who has carved a distinct niche for himself in the world of Hindi journalism through his profound understanding and precise writing style. With over two decades of experience in the field of journalism, he has held key responsibilities at Dainik Hindustan for 12 years and at Amar Ujala for one year. Currently, he serves as the Content Editor for the Jagrook Youth News newspaper and portal, where he plays a crucial role in ensuring the quality and credibility of the news content. Bhudev Bhagaliya consistently writes about issues that help raise awareness within society and among the younger generation.