Streaming media giant Netflix undergoes significant management restructuring, appointing Hollywood veteran Peter Rice to replace Bella Bajaria as Chief Content Officer. The move is aimed at reversing the decline in stock prices and revitalizing user viewing time growth.
Bajaria, who has held the position at Netflix for nearly a decade and has been in charge of the global film and television slate business since 2023, is about to leave. Netflix announced on Thursday that Peter Rice, who previously served as an executive at Disney and Fox, will take up his new role on October 26th.
The day before Bajaria resigned, Netflix announced a 6% layoff, affecting about 1,000 positions, which was the largest round of layoffs in at least four years. The company is facing weak growth in user activity and pressure from investors, and its stock price has dropped by 40% in the past year.
Although Netflix still holds a dominant position in the streaming media industry, it has become difficult to produce recent film and television content that can replicate the success of hits like "Stranger Things" and "Wednesday," which once propelled the company's rapid growth and sparked global cultural enthusiasm.
Netflix Co-CEO Ted Salandos stated at a meeting last month: "Overall, our growth rate is not meeting my expectations, and we are working hard to accelerate it."
Earlier this year, Netflix attempted to acquire Warner Bros. Discovery. At the time, the market believed that this deal would solve the problem of content reserves: after the acquisition, Netflix would gain access to a large library of top Hollywood IP films and establish deep collaborations with industry-leading creators. However, in the end, Paramount, now renamed Tianwu ( Skydance ), made a higher bid and won the acquisition of Warner Bros. Discovery.
On Thursday, Salandos expressed his gratitude to Bagaria, praising her for promoting the expansion of documentary programs, live events, and sports content with Netflix. “She led many significant changes within Netflix, and I am very thankful for everything she has done to provide entertainment content to global audiences with Netflix.”
Rice previously oversaw Disney's television business, which covered networks such as ABC, ABC, FX, Hulu, as well as Disney Television Studios; earlier on, he held senior positions at 21st Century Fox and the independent film company Fox Searchlight Pictures.
During her tenure at Disney, the company launched highly acclaimed shows such as "Modern Family" and "Abbey Elementary," and also approved the production of series like "Bear Town" starring Jeremy Allen White.
Saldos described Rice as "one of the most outstanding large-scale business operators in the entertainment industry," with a particular emphasis on his network of creative contacts accumulated in Hollywood.
To compete for user attention with YouTube and TikTok, Netflix has been constantly experimenting with new forms of content, including video podcasts and live sports broadcasts. The company will release its financial report on Tuesday.
The newly appointed Chief Content Officer, Rice, will have full responsibility for the film and series lineup of Netflix as well as live streaming events. Internal personnel of the company are eagerly awaiting to see how he will arrange for the key positions and how the subsequent performance of major film projects such as "Black Ball" and "The Chronicles of Narnia," which are currently led by the current President of the Film Department, Dan Lin, will be managed.
Responsible Editor: Liu Mingliang
