Netflix lays off about 150 employees and 26 freelancers
18.05.2022 • 16h59
Initially revealed by Variety magazine, Netflix confirmed the layoffs of 150 employees and 26 freelancers two days ago.
Impossible not to see a causal link between the loss of 200,000 subscribers announced by the Netflix streaming service a few days ago, in addition to the figure of 2 million forecast for the next quarter (see our Netflix news, on the way to a loss of 2 million subscribers? The stock fell 25%!), and the wave of layoffs affecting 150 of its employees and 26 of its freelance collaborators. Netflix, less expenses for next three years… Asked about the situation, Netflix clarified that the measure was dictated solely by financial reasons and not for reasons of productivity of its employees. Of the 150 employees affected, at least 70 worked part-time at the in-house animation studio. However, this social plan is not a surprise, the leaders having announced during the last quarterly financial communication that they were going to make a reduction, at least at a minimum, in terms of expenditure over the next two or three years. Of course, the company said it's "working hard" to best support any employees who find themselves on the hook. Netflix and the Winback Strategy In addition to these layoffs, the company said that several other measures were in order in the coming weeks to relaunch the machine and regain strong profitability, in particular by trying to invest more wisely in the production of new content, by introducing a subscription less with advertising (see our news article Advertising on Netflix from the end of 2022?), and by fighting against abusive sharing of the account.