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The Netflix Crisis Is Bad, But Not That Bad

Yes, layoffs are coming. Chatting with people around Hollywood, you’d think Netflix is going out of business. But those 220 million subscribers don’t have much to worry about—for now.

Reed Hastings
Photo By Justin Sullivan/Getty Images
Matthew Belloni
May 9, 2022

More Netflix employee cuts are coming, and soon. That’s the latest word from sources at the company, which has been quietly trimming staff for months, and officially laid off 25 marketing people last week. It’s all thanks to the subscriber slowdown and a full-blown market meltdown, of course. Losing two-thirds of your market capitalization will cause some serious re-examination of your celebrated “culture deck.”