Netflix names Peter Rice content chief as pressure grows over viewer engagement

Netflix has named veteran Hollywood executive Peter Rice as chief content officer, replacing Bela Bajaria as the streaming company tries to strengthen its programming operation amid slowing engagement and pressure on its share price.

Rice will take over on 26 October and lead Netflix’s global content organization, overseeing scripted and unscripted television, films, live events and other programming across its markets.

Bajaria is leaving after nearly a decade at Netflix.

“I want to thank Bela for a decade of dedication, innovation, creativity and leadership,” co-Chief Executive Ted Sarandos said. “She helped broaden our content offering to include the large-scale expansion of unscripted programming and the launches of live events and sports, in addition to crafting and running a world class, global slate of films and series.”

The change comes at a more difficult moment for a company that for years appeared to have solved streaming economics better than its rivals.

Netflix shares have fallen close to 40% over the past year as investors focus increasingly on engagement, future subscriber growth and whether the company can keep producing enough major hits to justify its valuation.

The company is also cutting 1,000 jobs, equivalent to about 6% of its workforce, according to the Financial Times and Wall Street Journal.

Rice brings long experience at both Fox and Disney.

He previously oversaw entertainment businesses responsible for programs including Modern Family and later held senior roles at Walt Disney Co. after its acquisition of much of 21st Century Fox.

Netflix’s programming challenge has changed substantially since Bajaria took charge of global content.

The company is no longer competing primarily against traditional studios building their own streaming businesses. YouTube, TikTok and other platforms compete for the same hours of consumer attention, while Netflix itself is moving beyond conventional film and television into live sports, events and video podcasts.

Some of its biggest franchises are also aging, increasing the pressure to develop another generation of globally recognizable programs.

Netflix tried earlier this year to expand its library through a bid for Warner Bros. Discovery assets but failed to secure the company.

The leadership change therefore puts Rice in charge of more than selecting television shows.

For years, Netflix’s advantage was scale. Rice’s job will be to make that scale produce more programming people actually choose to watch.