Netflix appointed former Disney executive Peter Rice as chief content officer on Thursday, replacing 10-year veteran Bela Bajaria. Rice will oversee all global content, including scripted and unscripted series, film and live events.
Rice most recently led Walt Disney Television and general entertainment for Disney, managing over 300 shows including "The Bear," "Abbott Elementary" and "Shogun." Before Disney, he served as president of 21st Century Fox and CEO of Fox Networks Group, overseeing theatrical releases like "Slumdog Millionaire" and "Juno." He has also produced independent films since 2023, including "Saturday Night" and is developing a video game adaptation of "Elden Ring."
Bajaria led Netflix's $20 billion content budget since transitioning to the top creative role and oversaw hits like "Stranger Things," "Wednesday" and "Squid Game." She expanded Netflix into live sports, securing deals with WWE and the NFL.
The leadership change follows significant pressure on Netflix. The company laid off roughly 1,000 employees, or 6 percent of its workforce, just days before announcing Rice's appointment. In July, Netflix reported viewership grew only 2 percent in the first half of the year. Co-CEO Ted Sarandos said last month the company is "not growing as fast as I want us to."
Netflix's Emmy wins have declined sharply. In 2021, it won 44 Primetime Emmy Awards, tying the record for most by an outlet in a single year. This year it won only 16, its lowest haul in a decade. Meanwhile, Disney earned roughly 300 Emmy nominations and won nearly 60 awards between 2021 and 2022 under Rice's leadership.
Nielsen data from July shows Netflix generated 7.8 percent of television viewership compared to YouTube's 14.2 percent. Netflix has responded by diversifying into live sports, documentaries and video games.
Wall Street analysts view Rice's hiring as a signal that user engagement remained weak. Brian Pitz of BMO Capital Markets noted the sudden departure of Bajaria suggests engagement "may have remained soft" heading into the third quarter. Netflix reports earnings Tuesday.
Analysts also note Rice's consolidation experience could prove relevant if Netflix pursues acquisitions. Alicia Reese of Wedbush wrote that Rice's tenure at Fox and Disney "gives him unique insight into the consolidation of two major studios, relevant if Netflix chooses to go after another studio."