Netflix is aiming to increase the amount of time users spend watching its films and series as the streaming giant reported on Tuesday its slowest quarterly revenue growth in years.
"We want to be the must-have entertainment service," co-chief executive Ted Sarandos told analysts during a video conference.
His counterpart Greg Peters agreed, saying: "We know that we can do better."
Revenue rose 12% year-over-year to $12.9 billion, the slowest growth in three years but in line with analysts' expectations. Net profit increased by around 44% to $3.66 billion.
Netflix remains the clear leader in video streaming, but Sarandos recently acknowledged that the business was not growing as quickly as hoped. Market research firms have repeatedly reported declining engagement among Netflix viewers in recent months.
Netflix productions also struggled to make an impact at recent awards ceremonies, while new releases have yet to establish the same cultural presence as hits such as "Stranger Things" and "Squid Game."
Netflix shares fell more than 5% in after-hours trading following the earnings release.
Last week, Netflix announced plans to cut around 6% of its workforce, affecting about 1,000 employees. The shake-up extended to senior management, with long-serving chief content officer Bela Bajaria leaving the company.
Film chief Dan Lin was also subsequently ousted. Peter Rice, who built his career at traditional studios including Disney, will take over Bajaria's role.
The appointment has fuelled speculation that Netflix could give films a wider theatrical release under Rice. Sarandos has consistently rejected the idea of cinema releases as a distraction from the company's core business.
Sarandos reiterated that Netflix remained primarily focused on streaming. "That is our core," he said. However, some films, including "Narnia" by "Barbie" director Greta Gerwig, will receive an exclusive 45-day cinema run, following the traditional studio model.
Peters also suggested Netflix could expand its partnership with French broadcaster TF1, whose programming is available on the streaming platform, to other markets.