Netflix has appointed former Disney executive Peter Rice as its new chief content officer, placing him in charge of the streaming giant’s global scripted and unscripted series, films and live events.
Rice will replace Bela Bajaria, a 10-year Netflix veteran who most recently led the company’s global content operation, including its expansion into live sports.
Bajaria joined Netflix in 2016 to help establish its unscripted division, licensing operation and studio co-productions before moving into the top creative role. She oversaw a content budget of about $20 billion and was behind series including “Stranger Things”, “Wednesday”, “Bridgerton”, “Squid Game”, “Adolescence” and “Beef”.
Her tenure also included films such as “Frankenstein” and “KPop Demon Hunters”, as well as Netflix’s live deals with WWE and the NFL and programmes including “The Roast of Tom Brady”.
The leadership change comes during a difficult period for Netflix, which has reported slowing viewership and is looking for new ways to compete for consumers’ time. The company laid off roughly 1,000 employees, or 6 per cent of its workforce, just days before announcing Rice’s appointment.
Netflix last made cuts on a similar scale in 2022, when it reported its first quarterly subscriber loss in more than a decade. Brian Pitz, managing director and head of internet and interactive entertainment equity research at BMO Capital Markets, said the latest redundancies appeared to reflect “more structural changes to the cost base than a reaction to near-term subscriber dynamics”.
Netflix seeks renewed momentum
Viewership rose by just 2 per cent in the first half of the year, according to figures reported by Netflix in July, amid a shortage of shows generating the level of public attention associated with its biggest hits.
Co-chief executive Ted Sarandos said last month that the company was “not growing as fast as I want us to”. Pitz said Bajaria’s departure could indicate that user engagement had remained weak during the third quarter.
Netflix is due to publish its fiscal third-quarter results on Tuesday. Nielsen reported in July that Netflix accounted for 7.8 per cent of television viewing, compared with 14.2 per cent for YouTube.
The streaming company has responded by broadening its offering to include live sport, documentaries and video games. Steven Cahall, an equity analyst at Wells Fargo, said breakout hits were “a must for the stock to work again” if Netflix was being reshaped into a broader content hub.
Peter Rice’s television and film experience
Rice was most recently chairman of Walt Disney Television and chairman of general entertainment at the company, overseeing broadcasters and streaming services including ABC, Disney Channel, Hulu and FX Networks.
During his time at Disney, he oversaw more than 300 shows, among them “American Idol”, “Modern Family”, “Abbott Elementary”, “The Bear”, “Only Murders in the Building” and “Shogun”. His responsibilities also included coverage of the Super Bowl, NBA Finals and FIFA World Cup.
Disney received roughly 300 Primetime Emmy nominations between 2021 and 2022 under Rice’s leadership, winning nearly 60 awards across its television networks and streaming platforms. Netflix won 44 Emmys in 2021 but collected 16 this year, its lowest total in a decade.
Before joining Disney, Rice was president of 21st Century Fox and chief executive of Fox Networks Group. He also served as Fox’s lead executive on the Hulu board and was president of Fox Searchlight Pictures, where he helped release films including “Slumdog Millionaire”, “Juno”, “Little Miss Sunshine” and “Sideways”.
Rice left Disney in 2022 and later became an independent producer. Since 2023, he has produced films including “Saturday Night” and “28 Years Later” and is developing an adaptation of the video game “Elden Ring”.
His experience could also prove relevant as Netflix considers its position in film and the wider entertainment industry. Alicia Reese, senior vice-president of equity research at Wedbush, said Rice’s background gave him insight into the consolidation of major studios and suited Netflix’s push into theatrical releases and a broader range of content.
