Netflix pledges to “take slate to next level” in wake of programming shake-up

"I know ​that we could do better," Sarandos said after the streamer published its third-quarter financial results. "Now we've seen an opportunity to take our slate to the next ​level."

In recent years, Netflix has diversified into video podcasts and games, but Sarandos stressed that the streamer is mainly focused on its “core” offerings of TV shows and films to grow its business.

Sarandos said “roughly 95%” of Netflix’s programming budget is focused on film and TV. “The core is our critical growth engine.”

Last week, Netflix made 1,000 people redundant, representing about 6% of its employees. Former Disney and Fox executive Peter Rice replaced Bela Bajaria, Chief Creative Officer, Netflix. The company also said Dan Lin, Chairman, Film, Netflix, was leaving.

"Peter Rice understands talent relations, and in a competitive market, creative talent have choices of where they want to work," Sarandos said. "We want Netflix to always be the place that they love to do the best work of their ​life."

The streamer’s third-quarter revenue rose 11.8% to $12.87bn, in line with Wall Street forecasts, but this was its lowest rate of increase in nearly ⁠three years.

Netflix ​reduced its advertising forecast for 2026 to roughly $2.7bn, down from about $3bn. Some advertising product capabilities rolled out slightly slower than expected, Netflix said in ​its quarterly letter to shareholders.

The company’s share price is down more than 40% over the past year amid concerns about subscriber retention.

New programming during the third quarter included the second season of The Gentlemen and an update of Little House on the Prairie.

Netflix recently secured exclusive rights in Spain and Andorra to the 2030 World Cup, meaning the streamer will show the men's football tournament for the first time. Discover more here.