Dan Lin, the head of Netflix’s film division, is departing as part of a significant restructuring that has already seen the exit of content leader Bela Bajaria and about 1,000 layoffs across the company.
Lin joined Netflix’s film team in April 2024 and is leaving right before Peter Rice, a former Disney and Fox executive, steps in as the new chief content officer on October 26.
Recent cuts impacted various departments, with particularly heavy losses reported in product, technology, legal, and human resources, as noted by Reuters.
These layoffs also affected important figures such as Doug Belgrad, a vice president of film and close associate of Lin, as well as Sheroum Kim, who directed independent films.
Moreover, Netflix’s television division also experienced cutbacks, losing executives like Lisa Lang McMullen, James Oh, Carolina Garcia, and Andrew McQuinn.
Lin is known for producing projects such as “The Lego Movie” and the “It” series. When he took the reins, his main goal was to control spending and reduce the number of films produced by Netflix, according to reports.
He reorganized the division to focus more on specific genres, emphasizing romantic comedies, comedies, and adaptations of literary works.
During his tenure, Netflix released a variety of films, including titles like “Happy Gilmore 2,” “The Rip,” and “War Machine,” and the critically acclaimed “Train Dreams.”
However, Lin’s tenure wasn’t without challenges. He faced pushback from Hollywood talent regarding Netflix’s hesitation to provide traditional theatrical releases for its movies.
In an interview with the New York Times earlier this year, Lin made it clear that filmmakers wishing for an initial theatrical release would be unlikely to find support at Netflix.
A talent agent quoted by The Wrap voiced concerns about the overall quality of films under Lin’s management, suggesting that Netflix’s business model limits the ability to create consistently high-quality movies.
Upon his departure, Lin issued a standard farewell statement, reflecting on his time with the team and the filmmakers he collaborated with.
Netflix’s co-CEO, Ted Sarandos, acknowledged Lin’s work and contributions to the film industry during his time at Netflix.
This executive transition comes as Netflix grapples with growing doubts about its capacity to maintain viewer engagement, despite its hefty investments in programming.
Recent estimates from Jefferies indicate that average monthly viewing per subscriber dropped from about 66 hours to 49 hours from early 2023 to this year.
In the market, Netflix’s stock has plummeted by approximately 40% over the last year, according to the Wall Street Journal.
Nonetheless, the company reported second-quarter revenues of $12.56 billion, a rise of 13% from the previous year, and an operating margin of 33.4%.
Rice will initially manage Netflix’s film division as the search for Lin’s permanent successor is underway.
Prior to this, Rice held prominent roles at 21st Century Fox and Disney before being let go by the latter in 2022.
