Netflix Lays Hundreds of Employees Over “Slower Revenue Growth”

Netflix hasn’t gone bankrupt from being woken up, but it seems painful to do, as the streaming giant recently fired hundreds of its employees for what they describe as “slower revenue growth”.

Source: Resident Evil (2022), Netflix

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Talk to Deadlines On June 23, a Netflix spokesperson confirmed that, “Today we are sadly releasing approximately 300 employees.”

“While we continue to invest significantly in this business, we are making these adjustments so that our costs grow in line with our slower revenue growth,” he said. “We are so grateful for all they have done for Netflix and are working hard to support them through this difficult transition.”

The entertainment news outlet further noted that according to their sources, while the cuts mostly impacted the team in the United States, it also affected the company’s offices for the Asia Pacific region, Europe, the Middle East and Africa and Latin America.

Source: Vikings: Valhalla. (left to right) Caroline Henderson as Jarl Haakon, Frida Gustavsson as Freydis in episode 102 of Vikings: Valhalla. Cr. Bernard Walsh/Netflix © 2021

This news comes after Netflix showed the door to a number of personnel in May, at the time of layoffs around 150 permanent employees and cut ties with dozens of other part-time workers and contractors.

“As we explained about revenue, our slowing revenue growth means we also have to slow down our cost growth as a company,” the streaming giant explained in a statement issued alongside the news. “Unfortunately, we are releasing approximately 150 employees today, most of them based in the US. This change is driven primarily by business needs rather than individual performance, which makes it especially difficult because none of us wants to say goodbye to a great coworker. We are working hard to support them through this very difficult transition.”

Source: Dear White People (2017), Netflix

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Furthermore, as part of a marketing department restructuring carried out in April, Netflix also previously laid off 25 editorial staff and contractors from Tudum fan site division.

Notably, all of these staff cuts come after Netflix reported losing 200,000 subscribers during the first quarter of 2022.

Sources: Masters of the Universe: Revelation: Part 2 (L to R) Tiffany Smith as Andra, Sarah Michelle Gellar as Teela and Stephen Root as Cringer in Masters of the Universe: Revelation: Part 2. Kr. NETFLIX © 2021

Amid these ongoing cuts, some are questioning what role, if any, Netflix’s influence on ‘consciousness’ is playing in their current financial woes.

While there may have been many factors that led viewers to leave streaming services, the production and promotion of their antagonists from productions such as Masters of the Universe: Revelation, Cuties, Dear White People, and Cowboy Bebop, it seems that their turn towards gender identity and politics may play a more important role. bigger than they seem to realize.

Source: Cowboy Bebop Season 1 Episode 6 “Binary Two-Step” (2021), Netflix

Netflix’s issues are even more interesting when put into the context of the industry as a whole, as if the company remains the streaming service with the most subscribers, it’s not the unrivaled champion it once was.

The rise of streaming services like Disney Plus, Crunchyroll, Paramount Plus, and even Peacock have given Netflix more than its fair share of increasingly fierce competition – a concept that once seemed impossible to streamers.

Source: DON’T LOOK, MERYL STREEP as PRESIDENT JANIE ORLEAN. Cr. NIKO TAVERNISE/NETFLIX © 2021

However, it’s not just them.

In May 2021, media mogul Barry Diller shared with CNBC’s Andrew Ross Sorkin that Netflix had won the streaming war.a few years ago“.

“Only those with the scale and momentum to continue to make this kind of crazy investment in programming,” he said. “You can’t compete with the momentum, the scale, nobody’s going to be able to do that.”

Source: MASTERS OF THE UNIVERSE: REVELATION (L to R) GRAYSKULL in episode 105 of MASTERS OF THE UNIVERSE: REVELATION Cr. NETFLIX © 2021

But a lot has changed in the years since Diller made that statement, as after years of leveraging Netflix and learning from the occasional adversity, the aforementioned competition has slowly shifted the streaming landscape in their favor.

And awareness has been a significant factor in all of that.

Source: AJ and the Queen (2020), Netflix

Ultimately, with the news of this latest layoff, some would argue that this round of Netflix layoffs is just the latest sign that people are starting to reject the general concept of wakefulness in their entertainment.

Even though they were right to some degree, it would be better to claim that things were about to change.

After all, the awakened society, and the revival in Hollywood will remain.

Source: COWBOY BEBOP (Left to Right) MASON ALEXANDER PARK as GREN in COWBOY BEBOP Cr. GEOFFREY SHORT/NETFLIX © 2021

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