Netflix lets go of 150 employees amid continued decline in company trajectory
'As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,' a Netflix representative said.
Entertainment giant Netflix has announced that it is firing a further 150 employees amid a decline in its stock price and loss of subscribers.
As reported by Rebel News in April, Netflix saw a tremendous drop in subscribers during its first quarter, which fell by 200,000 — a far cry from its expected goal of adding 2.5 million new subscribers.
At the time, Tesla CEO Elon Musk suggested that the “woke mind virus is making Netflix unwatchable,” suggesting that the company’s shift toward social justice programming was a primary driver of the decline.
Last week, Netflix released a new memo announcing that it would no longer be catering to the woke demands of its employees, informing them in a public statement that employees offended by the content Netflix produces are free to find jobs elsewhere.
Musk praised the move as a “good move.”
On Tuesday, Netflix informed CNBC that slowing revenue growth meant having to slow the company’s cost growth — thus necessitating the termination of 150 of its employees.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” the Netflix representative said. “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,” said the company rep.
The firing of the 150 employees comes just two weeks after Netflix laid off staff at the woke fan site Tudum, most of whom were black women, seemingly hired as diversity tokens only to be let go months after the site's launch.
In addition to letting go of its staffers, Netflix is exploring new sources of revenue, including a lower price tier for subscribers willing to watch advertisements in between shows and other forms of advertising.
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