Netflix has laid off at least 10 full-time staffers of Tudum, its editorial arm that aimed to be “a place where you can dive deeper into the stories you love,” according to the Hollywood Reporter. The site launched less than five months ago. The layoffs come a week after a Netflix earnings report showed that the company had lost subscribers for the first time in 10 years. Following the report, Netflix stock plunged by 35% and the company lost $50 billion of its market cap.
I’m not a businesswoman, but that doesn’t sound great.
Tudum was envisioned as a companion to Netflix’s original programming. It was where interested viewers could go to have all their questions answered about when the new season of Ozark would be premiering and find out the name of their favorite Bridgerton hunk. It was a fairly obvious attempt to corner the market on SEO for their own properties, but Netflix hired some very talented writers to helm the operation. In a statement to THR, a representative for the company said, “Our fan website Tudum is an important priority for the company.” Alright.
According to sources who spoke to the Hollywood Reporter, the streaming giant has slowed down on hiring new people as well. “I don’t know if [top management] actually uses the word ‘hiring freeze.’ I mean, we use it, and we know it’s true. I know other managers have been told the same,” one source said.
Meanwhile, it was recently reported that Netflix spends $30 million per episode of Stranger Things. Someone who is good at the economy please help them budget this, their streaming service is dying.