Netflix is asking producers not to give up on the streaming service just yet.
After losing a record-breaking number of subscribers this year, Netflix has suffered multiple major setbacks. And because of that, shareholders and original content creators have slowly begun backing away. So in an attempt to salvage the company, CEO Ted Sarandos, Head of Global Film Scott Stuber, and Head of Global Television Bela Bajaria have planned some counter efforts.
To show that Netflix is still willing to hand out big money for new content and subsequent marketing, the trio has been working diligently to speak with top Hollywood production talent during phone and in-person meetings. And they’re assuring that talent that the streaming service isn’t broke by literally showing them the money.
According to Variety, the company is expected to allocate around $17 billion to content this year. And with 200 million people still subscribing to the service, it should be able to do the same next year.
Netflix recently proved that it is still ready and willing to pay top dollar for top content, too. In May, it handed $50 million to win a film package that includes Emily Blunt and David Yates’ Pain Hustlers from this year’s Cannes Film Festival. Then last week, it created a Squid Game-inspired reality competition. And the winner will take home a prize of $4.56 million.
Top Netflix Producers Claim that Cutbacks Aren’t Affecting Original Content
However, many producers and production companies aren’t buying Netflix’s claims of stability. Even before stocks plummeted this spring, the streamer was making massive cuts. Some execs were pitching that all series should cap at three seasons. The company also went through a round of layoffs in May and is expected to do another round soon.
There are some who haven’t lost hope though.
Earlier this month, a panel of Netflix’s top producers, including Girl From Plainville Executive Producer Liz Hannah and UTA partner and Co-head of Media Rights Jason Richman, met for the IP IQ event. And they assured people that while the company is going through spending cutbacks, it won’t be affecting the original content.
“I haven’t felt any letup whatsoever, which I think just speaks to the demand being high,” Richman said at the event, according to Deadline. “There’s a lot of musical chairs going across the studio landscape. But it’s going to settle out. The new incumbents have to build their new slates. We look at it as opportunities to bring the artists we’re representing into their lives and filling the blank space.”