10
0

Netflix Lays Off Another 300 Staffers Amid Subscriber Decline.


 invite response                
2022 Jun 23, 10:32am   8,912 views  64 comments

by Al_Sharpton_for_President   ➕follow (5)   💰tip   ignore  

As Netflix cuts costs to ease subscriber-loss pains, more jobs have been scrapped.

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/

« First        Comments 57 - 64 of 64        Search these comments

57   FortwayeAsFuckJoeBiden   2023 Apr 15, 3:39pm  

WookieMan says

Does anyone really watch TV, shows or movies? I sure as hell don't. Recorded content is basically all websites now for me.


boomer generation is the last generation on that. hell, i haven’t seen tv in years, or gone to cinema. no internet content either. too fucking busy trying to survive.
60   Patrick   2023 May 1, 2:54pm  

Patrick says






More about this:

https://notthebee.com/article/criticizes-netflixs-cleopatra-film-for-falsifying-egyptian-history


Dr. Nasser Mekkawy, head of the Egyptian Department of Archeology at Cairo University also said Cleopatra would have been light-skinned due to her Macedonian-Greek heritage.

Zahi Hawass, Cairo's former antiquities minister, said the documentary is "completely fake."

"Cleopatra was Greek, meaning that she was light-skinned, not black," Hawass said. "Netflix is trying to provoke confusion by spreading false and deceptive facts that the origin of the Egyptian civilization is black."
64   Tenpoundbass   2023 Jun 24, 11:50am  

Block Buster vs Netflix.

Block Buster was exciting, everyone was excited to go to Block Buster. People would struggle internally over which three titles they were taking home. As they shuffled though the 5 or 3 titles, they want to rent but can only take 3. To the best of my recollection, I don't ever recall going to Block Buster and leaving empty handed. Never ever once!

Netflix I fall asleep every time I try to find something to watch. Just endlessly scrolling over Faggy Creepy Commie bullshit with Dykes and POCs running the world in a Sex Change operation complete with leaky puss oozing makeshift sexual organs, and smell of trannny schmegla. Nothing but pure first rate Shit.
Come to think of it, I can't recall scrolling through the Netflix menu and finding something I want to watch in over 5 years.

I ditched Netflix 5 years ago, but one of my Adult Daughters that still lives at the house, pays her own subscription so it's on our TV. I'll look in from time to time to see if they have mended their ways. Especially after stories of lost subscribers and massive layoffs. But fuck no, they always kick it up a notch after these reports.

Fuck em!

« First        Comments 57 - 64 of 64        Search these comments

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions