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My wife watches Netflix, which is the only reason it's in our house. If it was up to me I'd cancel.
My wife watches Netflix, which is the only reason it's in our house. If it was up to me I'd cancel.
The May layoffs also affected largely U.S.-based employees, including some in the executive ranks working on original content.
RC2006 says
Nothing takes me out out of a fantasy movie faster than a black elf.
Say what?
I decided to send my resume to some tech companies I don't want to work for, just to introduce their HR and hiring managers to patrick.net.
But whew, Netflix seems determined to burn itself to the ground. Their questions when you apply:
I decided to send my resume to some tech companies I don't want to work for, just to introduce their HR and hiring managers to patrick.net.
But whew, Netflix seems determined to burn itself to the ground. Their questions when you apply:
I decided to send my resume to some tech companies I don't want to work for, just to introduce their HR and hiring managers to patrick.net.
But whew, Netflix seems determined to burn itself to the ground. Their questions when you apply:
Patrick says
I decided to send my resume to some tech companies I don't want to work for, just to introduce their HR and hiring managers to patrick.net.
But whew, Netflix seems determined to burn itself to the ground. Their questions when you apply:
Gives you the opportunity to identify as black to potentially get preferential treatment.
It may seem a paradox that now, in our immeasurably more sensitive times, Netflix has added Scarface to its offerings without any of the disclaimers that competing streaming services like HBO Max and Disney have added to Gone With the Wind and The Muppet Show. The decision follows Netflix’s commissioning of a comedy special by Dave Chappelle, which was criticized for “offensive” and “harmful” content, both publicly and within the company, because the comedian had the temerity to defend Harry Potter author J.K. Rowling for being insensitive to the transgendered.
Scarface also arrives on Netflix only a few months after the company fired 290 employees, many of whom were hired to create and steward content that would promote diversity and wokeness. Those who were spared received a curt memo telling them that “you may need to work on titles you perceive to be harmful. …If you’d find it hard to support our content breadth, Netflix may not be the best place for you.” The company then proceeded to cancel several woke projects in development. They included Meghan Markle’s ill-fated cartoon series featuring a socially conscious young woman of color based, predictably, on herself — part of a rumored $120 million bath the company has taken on content from the empty-headed and perpetually annoying Sussexes. Two planned animated series based on the works of noted racist and MacArthur “genius” fellow Ibram X. Kendi also got a well deserved ax (or was it a chainsaw)?
So why has Netflix, once as progressive a media outlet as any, migrated to the counterrevolutionary right? The answer appears to lie in its suffering bottom line. After years of griping among subscribers about its mediocre content, political preachiness, and rising subscription fees, the company has become a textbook case of the new aphorism “go woke and go broke.” After hitting an all-time high of $690.31 in October 2021, its share price is now down to $234.55, with some $70 billion in market capitalization disappearing since January 1. Defying projections that the service would add 2.5 million paying subscribers in 2022, it instead lost 1.5 million in the first two quarters of 2022 alone.
Emily Deschanel
I do not understand why more hi tech geniuses don't start their own companies. I believe there is a ton of opportunity out there for the smart developers.
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Netflix has informed 300 employees that they no longer have a job. The Thursday headcount reduction comes in addition to the 150 staffers who were let go last month. These rounds of layoffs come after the streamer earlier this year reported it lost 200,000 paying subscribers and expects to shed another 2 million subs in the current quarter.
Thursday’s job cuts came across multiple units; most are in the U.S.
“Today we sadly let go of around 300 employees,” a Netflix spokesperson said in a statement provided to IndieWire. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
The May layoffs also affected largely U.S.-based employees, including some in the executive ranks working on original content. All said, 150 employees were laid off in addition to dozens of contractors and part-timers. Netflix’s workforce is some 11,000 strong. The company also performed a round of layoffs in its editorial division on April 28, letting go at least 10 full-time staffers.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” Netflix said after the May cuts. “So sadly, we are letting around 150 employees go today, mostly U.S.-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.”
Netflix stock (NFLX) has taken a beating this year, sliding about 50 percent since it announced the Q1 subscriber decline — the first time its user base has shrunk in a decade. Netflix will report its Q2 performance on July 19.
Shares in Netflix opened at $180.50 Thursday. They hit an all-time high in October of over $700.
As a fix, the company has committed to cutting costs in order to keep its margins at 20 percent, which explains the job cuts. But it’s still spending big on content: Netflix is on track to spend $17 billion this year, around the same amount as last year. By comparison, Disney is on track to spend $32 billion on content this year across its streaming, linear, and theatrical properties, up $8 billion from last fiscal year.
Both Netflix and Disney are embracing ad-supported tiers on their flagship streaming services. MoffettNathanson estimates Netflix could generate $1.2 billion in U.S. advertising revenue by 2025, which is equal to just 4 percent of the company’s worldwide revenue last year; Disney+ could make $1.8 billion that year.
https://www.indiewire.com/2022/06/netflix-lays-off-employees-1234736137/