Netflix and Chill No More? What the Company's Major Layoffs Mean for the Fate of the Streaming Service
Netflix has announced approximately 150 layoffs, and this may mean major things in the world of streamed television.
When online streaming services first began, Netflix was the only game in town. They ushered in a revolution, a Renaissance of how people consume media. Binge watching was born out of Netflix. The phrase, "Netflix and Chill," has been heard in every corner of the country - it's even an ice cream flavor now. There was a time when Netflix was THE streaming service.
The times are changing.
Now, every independent organization - Hulu, Peacock, HBO Max, Disney+, Apple TV+, Paramount+ - has their own streaming service. As each of these have risen, they have chipped away at the giant, piece by piece.
Peacock reclaimed shows like The Office and Parks and Recreation and HBO Max took Friends: Three of the most watched shows for the service.
Other streaming services, such as Apple TV+, were pioneers in creating their own content, giving viewers specific reasons to seek them out.
While Netflix has created their own content, that was not the original intention behind the service, and it has shown as they continue to try to adjust to the times.
In this quarter alone, Netflix has lost 200,000 subscribers, and has, as a result, cut 150 jobs. Cancellations come (especially for the animation department) as many notice the platform is continuing to raise their price - while the variety of shows they offer, specifically shows that originally drew subscribers to the platform, are leaving.
— JameltheeScorpio (@zayjamel) May 18, 2022
The Netflix flame has not yet been extinguished. It was recently announced that they are looking to start up live-streamed programming. (Which personally sounds like they are trying to re-invent normal television, but who knows?)
We will have to wait and see what the future of the streaming giant has in store.
