The video streaming company will close its online video businesses and will focus on its subscription-video business as it seeks to boost profitability and grow its revenue.
In a news release, Netflix said it will “determine the future of our video business” after it reports its second-quarter earnings on Thursday.
The company has seen its video business grow over the past two years from $8.9 billion in 2016 to $18.6 billion in 2021.
Its video revenue fell slightly in 2021, from $19.9 to $16.7 billion, partly as a result of the launch of Netflix’s streaming service, but the company expects to return to $20 billion in 2019, up from $17.3 billion in 2018.
The company says its total video revenue is expected to grow by 35% in 2019.
Netflix is in the midst of restructuring the company.
Netflix said it was planning to consolidate its video operations and to sell some of its remaining properties, including its movies, to Amazon and Hulu.
Netflix, which is owned by Google parent Alphabet Inc, said in its earnings release that it had more than $3 billion invested in its video and digital content businesses.
The streaming company has faced pressure to boost its video revenue, which it said had fallen by 9% in 2021 to $15.7 million from $18 million.