Netflix was (and we emphasize was) one of the world’s largest and most popular streaming services. It’s still a viable source of movies and unique programming. However, Netflix has reportedly lost over 200,000 subscribers since the first of January.
This loss of paying customers is magnified by Netflix’s inability to keep users from piggybacking on existing accounts. Some estimate there are over a million nonpaying Netflix users taking advantage of this loophole.
The bottom line is that the company’s stock value went into freefall last week. On Tuesday alone, Netflix’s stock price plummeted 25 percent. The Associated Press released an opinion piece alluding to the notion that the streaming service has “already seen its best days.”
Tuesday’s massive losses were not the end. The drop continued on Wednesday. Wednesday’s losses were worse than the day prior. Netflix stock lost yet another 30 percent, carving away $45 billion of the company’s value.
As the world has emerged from the COVID pandemic, Netflix’s value to locked-down consumers has faded. Netflix also stopped service to Russia, which cost the company another 700,000 accounts. Nevertheless, Netflix is still the number one streaming service.
But to remain competitive, the company has been forced to make hard decisions. One is to take a stronger stance against illegal account piggybacking practices. There is also a growing sense that the company will no longer provide a totally ad-free experience.
Netflix has been inherently against advertisements. Co-founder and CEO Reed Hastings told CNBC, “Those who have followed Netflix know that I have been against the complexity of advertising and a big fan of the simplicity of subscription.”
Hastings continued by opening the door to tiered-subscriptions with ads by saying, “allowing consumers who would like to have a lower price and are advertising-tolerant to get what they want makes a lot of sense.” But there’s another way businesses handle sudden losses in profit.
They began to ax employees. Keep in mind that part of the subscription loss could be Netflix’s stance on politically charged issues in the U.S. Over 98 percent of the political donations made by Netflix employees went to the liberal Democrat Party.
Netflix is a poster child for “woke culture”. It’s been an obvious factor, tantamount to the company’s rapid decline. Netflix is a perfect example of the business theory of “go woke, go broke.” The biggest response to Wednesday’s stock plunge was the layoffs.
Netflix began laying off workers on Thursday. Most Netflix employees belong to the woke mob. The hardest hit were the members of the Tudum editorial staff. Their social media responses have been comical.
One employee now looking for another job tweeted, “i have unfortunately also been laid off by netflix and am looking for writer/editor gigs: [email protected] ❤ i’m a very nice girl who’s chill and fun to work with!”
— sara david (@SaraQDavid) April 28, 2022
A writer/editor looking for a new gig might want to exercise better use of his or her grammar skills. Writers who can’t write can be as “chill” as they want to be, but they’ll be chilling in the unemployment line.
Brent Lang, another jobless member of the Tudum-Netflix team, tweeted, “#Netflix layoffs extend beyond #Tudum. 25 staffers lose jobs as streamer reorganizes marketing department with eye toward de-layering, cost-cutting.”
— Brent Lang (@BrentALang) April 28, 2022
Elaine Low tweeted, “I wouldn’t have left my job if I knew I wasn’t going to have a job in [several] months” At least two staffers who spoke with me had left full-time jobs to join Netflix. Some were talking about the layoffs on Slack AS their Slack accounts were deactivated.”
"I wouldn't have left my job if I knew I wasn't going to have a job in [several] months"
At least two staffers who spoke with me had left full-time jobs to join Netflix. Some were talking about the layoffs on Slack AS their Slack accounts were deactivated https://t.co/3g8Xzfs3ic
— Elaine Low (@elainelow) April 28, 2022
There were other pitiful pleas for a new job. Over a dozen axed employees put out “Help Wanted” signs on Twitter. One writer, Reina Sultan, tweeted, “Email me with opportunities at [email protected], so I can pay my rent and help my parents survive!”
The responses to a New York Post story about the firings weren’t sympathetic to the wokies’ cause. One comment targeted Netflix’s woke programming by suggesting, “If I were Netflix, I’d feature a man getting pregnant on every show. That’ll save your jobs and Netflix for sure!”
Another user responded, “Please include how woke you are on your resume and make sure to include all your pronouns. This information is very critical, so companies that are trying to stay in business know what they are getting into.”
It’s never funny when people lose their jobs. However, when the woke culture gets exposed for their ill-prepared life management skills, it’s a little amusing. All the while, these woke companies act astonished when their businesses begin to spiral out of control.
Just got laid off from Netflix/Tudum, effective today. Email me with opportunities at [email protected] so I can pay my rent and help my parents survive!
A bunch of my incredible colleagues got laid off, too. You’d be incredibly lucky to work with any of them.
— Reina Sultan (she/her) (@SultanReina) April 28, 2022
Donald Trump Jr. retweeted Netflix’s bewilderment about the company’s rapid decline. Don Jr. tweeted, “Netflix: we can’t figure out why we’re hemorrhaging hundreds of thousands of subscribers.” You’re hemorrhaging because you pissed people off. Go woke, go broke!