Netflix lays off almost 300 US workers

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.”“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:

https://twitter.com/HiThisIsTess/status/1526660954074845187

Another journalist Dee Elizabeth also shared on Twitter:

https://twitter.com/deelizabeth_/status/1526665727603838976

A third content producer Evan Ross Katz also tweeted:

https://twitter.com/evanrosskatz/status/1526658478839930883

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.