Netflix is on an axing rampage as nearly 150 employees and several contractors lose their job because the company is experiencing slowing revenue growth.
This axing exercise is a continuation of what the company started after it also cut nearly 25 marketing roles. Affected contractors are related to its fan site Tundum, which is still a beta testing site.
Tundum was created as a community for fans who love Netflix shows and want to know more about their favourite TV series, not just what the makers show.
Among those who got laid off were 26 contract workers, who all got a mass email on 17 May 2022, informing them of the company’s decision.
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The move was anticipated following the disappointing Q1 2022 earnings call that showed that the streaming platform losing about 200,000 subscribers. Also, more disappointment could follow as Netflix says that it could lose 2 million subscribers more in Q2 2022.
A statement from Netflix spokesperson Erika Masonhall on the lay offs reads:
“As we explained on 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 US-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. A number of agency contractors have also been impacted by the news announced this morning. We are grateful for their contributions to Netflix.”
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