Here's who Netflix just brought in to run content — and what it means for the streamer

Netflix named Peter Rice as chief content officer on Thursday, replacing Bela Bajaria after a decade leading the streamer's content strategy. Rice, the former chairman of Walt Disney Television, will oversee all global content including scripted and unscripted series, film and live events.

Bajaria spent 10 years at Netflix building its unscripted division and shepherding a $20 billion annual content budget. She oversaw "Stranger Things," "Wednesday," "Bridgerton," "Squid Game" and "Beef" while also pushing the company into live sports through deals with the WWE and NFL.

Rice's appointment comes as Netflix faces stagnating viewership and declining engagement. The streamer reported just 2% viewership growth in the first half of 2024 and generated 7.8% of total TV viewership in July, trailing YouTube's 14.2%. Co-CEO Ted Sarandos said last month the company is "not growing as fast as I want us to."

The executive change follows Netflix's decision to lay off roughly 1,000 employees, or 6% of its workforce, days before the announcement. Brian Pitz, managing director of internet equity research at BMO Capital Markets, characterized the cuts as reflecting "more structural changes to the cost base than a reaction to near-term subscriber dynamics."

Rice brings extensive experience in television, film and sports from his roles at 21st Century Fox and Disney. During his Disney tenure, he oversaw production of more than 300 shows including "The Bear," "Abbott Elementary" and "Shogun." He managed coverage of major sporting events including the Super Bowl and FIFA World Cup. Disney earned roughly 300 Primetime Emmy nominations between 2021 and 2022 under his leadership, winning nearly 60 awards.

Netflix's own Emmy performance has declined. The company won 44 Emmys in 2021, tying a single-year record, but took home only 16 this year, its lowest haul in a decade.

Wall Street analysts noted Rice's experience in studio consolidation at Fox and Disney could be relevant if Netflix pursues acquisition targets. Alicia Reese at Wedbush noted his background "gives him unique insight into the consolidation of two major studios, relevant if Netflix chooses to go after another studio."