Five Months After Launch, Layoffs Hit Netflix’s Editorial Arm
Just five months after launching its in-house publication Tudum, Netflix has laid off at least ten full-time employees and contractors from its editorial staff.
Tundum was launched late last year by the streaming giant’s marketing division as a fan site to produce consumer-facing content about Netflix series and films like Bridgerton, Selling Sunset, Stranger Things, and Love Is Blind . To launch the platform, Netflix courted top talent from several premium online publications, many of which struggle to offer job stability and high salaries.
While in the media industry, it is a known fact that content platforms such as Tundum take time to grow, it seems that many were let go before they even had a chance to work on building it.
Netflix declined to share any details but did confirm that Tudum will not be shut down.
“Our fan website Tudum is an important priority for the company,” a Netflix spokesperson said in a statement.
The layoffs come just a week after Netflix revealed that it fell significantly short of meeting its goal of adding 2.5 million subscribers due to the suspension of services in Russia and increasing competition in the subscription space — a challenge that cost the company 200,000 subscribers in Q1.
Since the company warned of an impending loss of subscribers in January 2022, it has seen its value shrink by nearly half.
These challenges have prompted the streaming services giant to consider offering cheaper plan options with advertising, much like rivals Disney+ and HBO Max.
“Those who have followed Netflix know that I’ve been against the complexity of advertising and a big fan of the simplicity of subscription,” said Netflix CEO Reed Hastings. “But, as much as I’m a fan of that, I’m a bigger fan of consumer choice.”
The company is now also looking to crack down on password sharing, starting with Latin America and then the U.S., to increase its subscriber base and drive revenue growth.
Netflix Contemplates Introducing Ads, Cheaper Plans To Fight Subscriber Loss
Originally published at https://retailbum.com on April 29, 2022.
