Netflix sacks 150 employees and cutting dozens from its Tudum fansite
After witnessing a massive dip in subscribers and revenue for the first time in a decade, Netflix lays off 150 employees and several contractors. The company cited “slow revenue growth” for the layoffs, reported Variety. The company confirms that most employees affected by the layoffs are located in the US. Earlier this month, Netflix had cut almost 25 marketing roles that included employees from Tudum, the company’s fan-focused site, as well.
Netflix cuts 150 jobs due to revenue slump
As per the company’s email statement to its employees:
As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based. 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. We’re working hard to support them through this very difficult transition. A number of agency contractors have also been impacted by the news announced this morning. We are grateful for their contributions to Netflix.
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The report further revealed that Netflix has axed a few animation projects that were in pipeline for a while. The projects included “Wings of Fire” from executive producer Ava DuVernay; “Antiracist Baby,” a series aimed at preschoolers; and “With Kind Regards From Kindergarten.”
For the unversed, Netflix has lost over 200,000 subscribers in the first quarter of 2022 and is predicting a drop of almost 2 million more subscribers in the second quarter. The company has now planning to introduce a cheaper ad-supported tier, paid password sharing feature and livestreaming feature soon.
Netflix recently tweaked its cultural guidelines, where it added an Artistic Expression section that tells its employees to quit if they do not like the content on its platform.
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