Netflix Lays Off Roughly 150 Employees Following Rocky First Quarter

by Megan Molseed

It’s been a rough first quarter for Netflix, and now the popular streaming service is announcing the layoffs of around 150 employees. This number represents about 2% of the company’s workforce throughout the United States and Canada.

“These changes are primarily driven by business needs,” Netflix notes in a recent statement. “Rather than individual performance.”

The company further states that it is primarily these reasons that make the layoffs even more difficult. According to the statement made by the streaming service, the news is “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,” the statement adds.

Netflix Announces Layoffs After Tough Quarter; Forecasts ‘Deeper’ Losses In Coming Weeks

These layoffs come after Netflix has seen its first subscriber loss in over ten years. Furthermore, the popular streaming service is predicted to face even more losses; especially as the second quarter of the year begins. In recent weeks, Netflix has announced plans to curb losses. Some of these include an ad-supported tier availability.

“We’re trying to be smart about it,” notes Netflix Chief Financial Officer Spencer Neumann.

“And prudent in terms of pulling back on some of that spend growth,” Neumann adds. “To reflect the realities of the revenue growth of the business.”

The Numbers May Be Declining, But Netflix Is Still Leading the Pack

Recently, Nielsen ratings recorded that Netflix has topped the other streaming services and popular networks in ratings. Earning the streaming platform the top spot in 2021-22 ratings. The Nielsens report that Netflix viewers streamed as many as 1.33 trillion minutes during that time.

CBS follows close behind, raking in an impressive 752.8 billion viewing minutes – and this is just on the regular network programming. And, notes CBS CEO and Network president, George Cheeks, these numbers reflect some very good news.

“These audience engagement numbers speak loudly to the broad appeal of CBS programming across entertainment, news, and sports and the strength of our broadcast platform,” Cheeks says.

“All of this popular content is available live,” the CBS CEO explains.

“And most is available on-demand to our streaming partner Paramount+,” Cheeks continues. “Providing a marketing and programming differentiator to our fast-growing streaming service.”

CBS Programming Is A Viewer Favorite

CBS also notes that some of the channel’s scripted programs such as FBI, NCISBlue Bloods, FBI: Most Wanted, and NCIS: Hawai’i top some of our favorite streaming service programs in total program minutes watched, according to the Nielsen reports. This even includes some Netflix favorites such as Ozark, Squid Game, You, Inventing Anna, and The Witcher in minutes watched during this season.