Streaming giant Netflix is back in the headlines.
Just a week after it announced an update to its company culture guidelines to prioritize “artistic expression” over employee preference, the company has laid off 150 of its US staff; this represents 2% of its North America workforce.
Business Insider also reports that a further 140 workers and contractors have also been made redundant at the streaming giant.
This move comes on the back of disappointing first quarter of 2022 results for Netflix – it reported a net loss of subscribers for the first time in ten years.
While the 200,000 loss of subscribers in Q1 can largely be attributed to Netflix’s decision to leave Russia, the streaming giant is expected to losing 2 million subscribers in the second quarter.
Inside the redundancies at Netflix
In a statement about the original 150 lay-offs, Netflix wrote: “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company.
“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 streaming giant did not disclose the departments the 150 staff in question belong to, but it seems they are primarily based at Netflix’s California headquarters. The LA Times reported that they are primarily in the HR, communications and content teams.
The other 140 workers being made redundant – as reported by Business Insider – include 70 staff from Netflix’s animation studio and up to 70 contractors who work on the streaming giant’s social media.
The newly unemployed workers have taken to social media to share their news and their disappointment.
Journalist Tess Garcia tweeted:
Last week was the most difficult week of my life. Just when I thought I was out of the woods, I was laid off by Netflix today, along with dozens of the most talented people I’ve ever met. Please consider me for your freelance assignments. Thank you all in advance for your love
— Tess Garcia (@HiThisIsTess) May 17, 2022
Another journalist Dee Elizabeth also shared on Twitter:
Well, today was my last day at Netflix!! I'm officially looking for freelance work and also have editor experience! Areas of particular interest are: pop culture, mental health, books, LGBTQ+ issues, politics, & motherhood. Clips are at the link in my bio.
— De Elizabeth (@deelizabeth_) May 17, 2022
A third content producer Evan Ross Katz also tweeted:
Welp, after nearly 2.5 years working w/ Netflix, I, along w/ countless other colleagues over the last few weeks, have been let go. As good feelings go, this is not one — especially finding out in the press ahead of your actual dismissal. It's also in a weird way a relief. Onward! pic.twitter.com/S31fSqOULH
— Ξvan Ross Katz (@evanrosskatz) May 17, 2022
These cuts come as Netflix looks to rebuild and refocus its content to emulate the successes of the likes of Bridgerton and the Tinder Swindler. But the question remains: what does the future hold for its remaining employees?
Will there be further redundancies at Netflix in the coming months? Will Netflix see a higher attrition crisis as employees seek to look for a more secure job at other streaming platforms or tech giants?
UNLEASH has reached out to Netflix for comment.