Bela Bajaria on How Much Netflix Is Rethinking Its Business Model: “We’re Not Doing Some Radical Shift”

Etan Vlessing
·2 min read
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As Netflix rethinks its streaming business model after losing 200,000 subscribers in the first quarter of 2022, TV boss Bela Bajaria insists no major shift in focus is in the works.

“We’re not doing some radical shift in our business. We’re not merging. We’re not just having a big transitional phase,” Bajaria told the Banff World Media Festival on Tuesday during a keynote address moderated by The Hollywood Reporter’s editorial director, Nekesa Mumbi Moody.

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Asked about the entertainment industry questioning Netflix’s streaming business after the company’s recent stumble, Bajaria said streaming was still thriving and here to stay.

“It’s been noisy, for sure. For me, looking at it, the business works. When we make a great show, like Stranger Things, people watch it and talk about it. The idea of watching television and streaming on the Internet works,” she said.

Netflix is getting back to basics, Bajaria added, by embracing local producers, writers and stories worldwide. “For me, through all the noise, the best shows will always win. And that part works,” she argued.

Bajaria also welcomed Netflix being suddenly regarded as a dark horse in the face of mounting competition, even though it continues to dominate the streaming space. “That’s good, it’s a good place to be, the underdog,” she said.

And Bajaria hit back at industry talk about Netflix cutting content spending, currently running at around $17 billion a year, as it drives towards profitability.

“We’re going to grow the content spend. Because growth has slowed, we’ve slowed in parallel the content but not reducing that. In general, looking at the next few years, we’re all going to ramp up,” she said when asked about Netflix’s annual content expenditures.

Since arriving at Netflix in late 2016 after serving as president of Universal TV, Bajaria has assembled a global management team built around content development and production that centers on drama, comedy, event series and unscripted fare.

She told Banff attendees that Netflix will also stay the course on big overall deals with key industry creative talent like Ryan Murphy and Shonda Rhimes. “We’re so happy to have those deals. Bridgerton has been amazing for us and we love so much of what Shonda is doing. That’s just part of the business and I don’t think that goes away,” Bajaria said.

The global TV head is responsible for hits like Squid Game and during the talk also broke news that Netflix is launching a Squid Game reality TV series with the biggest cash prize in TV history.

Moody will present Bajaria with The Hollywood Reporter‘s Impact Award at the Banff World Media Festival’s Rockie Awards gala tonight.

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