Netflix hit by second round of layoffs in less than a month

[Shawn Knight]

In brief: Netflix has issued walking papers to roughly 150 employees. It's the second round of layoffs in less than a month for the streaming giant and according to reports, most of those impacted are US-based executives.

Deadline was first to report on the cost-cutting measure. Sources told the publication that the layoffs will impact those in creative positions across both film and television. Several of those being let go are in the executive ranks and at least a couple of director-level original series execs are also exiting, Deadline added.

In a statement issued to the publication, a spokesperson for Netflix confirmed they are letting around 150 employees go. "These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues," the spokesperson said.

Netflix's stock is down nearly five percent on the day and is trading at $181.24 as of writing.

The layoffs come less than a month after Netflix eliminated 25 positions in its marketing department including 10 that worked on Tudum, the company's companion site for fans.

The job cuts aren't a huge surprise considering Netflix said during its most recent earnings call that it would have to slow down on spending. The company lost 200,000 subscribers in the most recent quarter, the first decline in over a decade.

Netflix is considering several measures to get things back on track including rolling out an ad-based tier and cracking down on password sharing. According to a recent report, Netflix is also looking into livestreaming and working on a new season of Black Mirror.

Image credit: Junior Samson, Scott Graham

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https://www.techspot.com/news/94638-netflix-hit-second-round-layoffs-less-than-month.html

 

[nodfor]

Imagining getting the jab under threat of getting fired, and then getting fired anyway.
Ugh.

 

[QuantumPhysics]

I guess Squid Games alone couldn’t support them.

 

[p51d007]

When Netflix started, pretty much ALL movies you could stream from them.
Then, the movie industry got smart, set up their own streaming, pulling a lot of
content from Netflix. Apparently their "netflix produced" shows aren't enough.
LOL, watch them resort to so called reality shows.

 

[Sathi43]

Netflix is considering several measures to get things back on track including rolling out an ad-based tier and cracking down on password sharing

Is it just me or that sounds like a horrible solution that would most certainly make it even worse?

 

[trparky]

Yeah, I'm just going to leave this here... Get woke, go broke.

 

[psycros]

When Netflix started, pretty much ALL movies you could stream from them.
Then, the movie industry got smart, set up their own streaming, pulling a lot of
content from Netflix. Apparently their "netflix produced" shows aren't enough.
LOL, watch them resort to so called reality shows.

Sadly, this is accurate. Most of studios aren't doing themselves any favors, however, as only the biggest - Disney, mainly - have enough content to justify subscriptions. Everyone else is struggling and consumers are hoisting the Jolly Roger once more. Probably the biggest overall losers are the cable companies.

 

[Crinkles]

the layoffs will impact those in creative positions

$200k+ earners who read script and drink latte between bimmer runs.

those being let go are in the executive ranks and at least a couple of director-level original series execs are also exiting

Director: "Netflix earned 7 majilloon from my last project"
Netflix: "what have you done for me today?"

they are letting around 150 employees go. "These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues

Boss: "Its not just you, Frank, a lot of developers are getting a haircut in this round"
Frank: "How many?"
Boss: "150!"
Frank: "from 12,000?!?"

most of those impacted are US-based executives

Jim Dandy and his 30 cousins in Needlessness, Kentucky.

Tommy used to work on the docks. Union's been on strike, he's down on his luck. It's tough.


So tough.

 

[NumberSix]

I notice that out of the several measures Netflix is considering to get back on track one of them isn't to make it good value.

Netflix is in so much debt partly because Netflix keeps chucking millions and millions at high profile stars to make crap films and crap series. You don't end up billions and billions in debt because you have lost a few subscribers.

 

[pencea]

Cancellation of TV shows or not continuing them after cliffhanger endings, and price increases. I'm not surprised at it.

 

[drjekelmrhyde]

Yeah, I'm just going to leave this here... Get woke, go broke.

It's not just that, because all streaming services are woke(Peacock is going fast in that direction). Netflix concentrated on making shiat for people 25 and younger, but this group is the least likely to be long term subscribers, or they're milking their parents account. 13% of the people dropping Netflix are the ones that been there for 3 years and over. 13% might seem low, but this is exactly how the pay cable TV collapse started.

 

[McMurdeR]

We're not talking huge numbers of employees here. I'd imagine their spending on making shows would completely dwarf what they spend on staffing.

 

[DixieFatline]

Good news everybody!

 

[Watzupken]

To me, there are 2 reasons for their decline,
1. Pandemic lockdowns and isolation has gone away, at least for now. Since you can go out and do stuff, why sit at home at watch TV? The previous high demand is mostly drive by lockdowns in my opinion.

2. Contents getting worst. Some good shows, Netflix chose to axe. And they keep producing mediocre or bad ones. To me, the most annoying issue is when they axe a decent series in the middle of nowhere, and you are left with a dangling story. I can understand if the reason is due to license, but as and when possible, they should be making quality content, not by quantity.