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Tags: netflix | business | economy | finance | stocks

Layoffs Pile Up in Netflix Production Team

Layoffs Pile Up in Netflix Production Team
(Robyn Beck/AFP via Getty Images)

By    |   Wednesday, 14 September 2022 07:36 PM EDT

Netflix fired 30 employees in its animation division on Wednesday, the latest addition to the company's downsizing plan that saw more than 450 workers dismissed earlier this year, The Hollywood Reporter confirmed.

Although no new cancellations have been announced in its slate of original animation to come out this year, Netflix has already scrapped several anticipated animated series and specials. Among them are ''Dino Daycare,'' ''Boons and Curses'' and a proposed animated series written by Meghan Markle and Prince Harry.

The series of departures comes amid new leadership in the animation department, with Karen Toliver leading animation film content and Traci Balthazor running the division's production side, Deadline reported.

It also follows a seemingly endless bleed in subscribers to the streaming service, with the company losing 970,000 in July after reporting a decline of 200,000 subscribers in April.

Despite the record drop in July, Netflix expected a far heavier loss than it eventually received — predicting a loss of nearly 2 million users in the previous quarter, according to TechCrunch.

Netflix still reports over 220 million subscribers and expects to add upwards of one million more come the third quarter of 2022. Breitbart noted, however, that the company was the S&P 500's worst-performing stock in May, with shares falling 7% that month.

© 2022 Newsmax. All rights reserved.


US
Netflix fired 30 employees in its animation division on Wednesday, the latest addition to the company's downsizing plan that saw more than 450 workers dismissed earlier this year, The Hollywood Reporter confirmed.
netflix, business, economy, finance, stocks
212
2022-36-14
Wednesday, 14 September 2022 07:36 PM
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