After Netflix reported losing subscribers for the first time in over a decade, the streaming giant 25 marketing employees have been laid off It serves to rein in a multi-billion dollar annual content budget.
Hollywood creators told Insider that the crisis will prompt Netflix to create high-quality original content — or begin a creative decline.
Although the company is still expected to spend up to $18 billion on content in 2022, Insider talks with nine Hollywood producers, presenters, and talent representatives He revealed that Streaming Device is regressing from the glory days of its first decade as an original programming powerhouse.
“I miss the days when Netflix executives had passion projects — projects they sponsored and fought for like any innovator — and they could prove that cause and follow that passion,” said one exhibitor.
Now that the company’s meteoric rise has slowed, the exhibitor said they are “worried that people will be more frightened and paralyzed than they already are.”
But some see the crisis as an opportunity for the singer. “I hope that will force them to change,” said a TV client. We want them to be viable buyers. They should vibrate a little. “
Netflix announced last week that it lost 200,000 subscribers during the first quarter of 2022 and It expects to lose another 2 million in the coming months. He credits the first drop in subscription in over a decade to increased competition, password sharing, and macroeconomic factors like inflation and Russia’s invasion of Ukraine.
Read more Insider discussions with Hollywood Insiders on Netflix here.
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