Netflix has finally admitted a major problem with its streaming service – specifically its business model. The company acknowledged it produced far too many movies that were negatively received. The company, known for its massive library of original content, is now planning on making some changes to its film production strategy moving forward.
For years, Netflix mass produced movies in order to compete with other major studios and believed that the high volume of content would attract and help retain subscribers. The company made an ambitious plan to release a new movie every week – which would no doubt flood the platform with a constant stream of fresh content.
Unfortunately – that type of unique approach wasn’t cheap and wasn’t exactly a model that could continue forever. While Netflix did manage to release a lot of critically acclaimed movies – the company also produced a lot of bombs as well.
Scott Stuber, Netflix’s film division chief, recently spoke with Variety and said that the company “needed volume” to compete effectively. The desire to keep up with the industry’s biggest players led to an ambitious goal of releasing one new original movie every week. Unfortunately, such output created rapid turnover that compromised the overall quality of Netflix’s film catalog.
Stuber said:
“We’re a machine that was built to go, go, go, and that doesn’t always result in quality. A lot of streaming companies made the mistake of moving so fast that we made a lot of things that weren’t ready to be produced. I want to avoid that.”
“Right now, we’re not trying to hit a set number of film releases. It’s about ‘Let’s make what we believe in’. Let’s actually put forth a slate that we can stand behind and say, ‘This is the best version of a romantic comedy. This is the best version of a thriller. This is the best version of a drama.'”
Instead of adhering to a set number of releases, the emphasis will be on quality going forward. Scott Stuber’s statement suggests that Netflix hopes to regain its footing and restore viewers’ faith in the streaming platform’s content offerings. The change in mindset allows for a more diverse set of movies that the company can firmly and confidently stand behind.
It remains to be seen how this change will impact Netflix’s bottom line – but admitting its past mistakes about the quality of its movies is something that can be looked at as a step in the right direction.