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Another day, another bloodbath at Netflix. What does it mean for the future of the company?

We Got This Covered logo We Got This Covered 5/17/2022 Tricia Gilbride
© Provided by We Got This Covered

Things are bad at Netflix and getting worse. As the company continues to hemorrhage subscribers, the streaming service laid off 150 more employees representing 2% of its workforce today. In a statement, a company rep clarifies “the changes are primarily driven by business needs rather than individual performance,” which isn’t telling anyone anything they don’t already know.

“As we explained [in reporting Q1] 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 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.”

In April, Netflix laid off a number of employees.

Many of the workers who lost their jobs this spring are new hires, suggesting a turbulent change of course at the company. Many of the laid-off employees have shared on Twitter that the company brought the board with specific promises of lifting up underrepresented voices.

With two of its flagship series ending this year, Ozark and Stranger Things, there’s good reason to worry that the subscriber slump will carry on. Recently, the streaming service has shied away from long-running series in favor of a constant stream of fresh titles, making unpopular decisions like axing a planned final season of GLOW when the pandemic hit.

It doesn’t for brand loyalty or even brand identity. Tudum, an editorial branch of the company that created content about Netflix shows (so essentially advertorials) must have been meant to create awareness of what is even on Netflix these days. But the employees hired for that purpose seem to have been the first on the chopping block, with a number laid off mere months after Tudum’s launch.

Another super unpopular decision? The service laid out a plan to charge subscribers to have multiple profiles on their accounts to prevent account sharing. They’re even considering interrupting programming with ads for the first time. It’s dire.

With the deluge of new streaming services, companies are beating Netflix at their own game. Netflix sure is a joke. They just can’t land a punchline.

We Got This Covered has reached out to Netflix for comment. We’ll update if we hear back.

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