Netflix is in big trouble. The streaming service experienced huge growth over the past several decades, but that is now slowing down.
In fact, last Tuesday, it was forced to lay off 150 employees after losing more than 200,000 subscribers in the first quarter of the year.
The cut represents 2% of the company’s staff and highlights the difficult moment that streaming is going through, particularly Netflix.
More competition, shared passwords, and a general lag of interest in its programming are hitting Netflix hard.
However, Netflix now has a last-ditch effort to save the company and hopes a new film will be its saving grace.
The Current Situation at Netflix
According to data compiled by Bloomberg, the company employed more than 11,000 people at the end of last year.
Most of the recent 150 layoffs were from headquarters employees in the United States.
In a statement, Netflix explained, due to the significant drop in its revenue, it also had to step on the brakes in an attempt to cut costs.
Netflix furthermore announced the resignation of 70 part-time employees at its animation studio. This caused the cancellation of several exclusive series on the platform as well.
Netflix even let a number of freelance employees go who worked for its social media division. It’s clear the public’s appetite for Netflix is running low.
However, they’re hoping a new film called Gray Man will revive interest in the platform and get people watching and subscribing once again.
Feast your eyes on these new posters for Netflix's The Gray Man! pic.twitter.com/AIv5Ya6hi6
— Netflix Updates (@NetflxUpdates) May 23, 2022
What is Gray Man About?
“The Gray Man” is based on a series of books by Mark Greaney. Netflix is hoping this film will be a smashing success, billing it as a high octane spy thriller starring Chris Evans and Ryan Gosling.
The film is about a man named Gentry. He is one of the best and most lethal mercenaries in the ClA, and no one knows his real identity.
The agent embarks on a mission through Europe to rescue a contractor and his family.
In the process, Gentry discovers many secrets, which put his life at risk. The spy movie promises a lot of action and suspense, and it could be very popular. It comes out on July 22.
Putting a couple of heartthrobs on the screen with a good script could move the line a bit. Yet, it’s clear Netflix is going to need to try its hardest in the current entertainment climate.
.@ChrisEvans teases his new @netflix spy movie, "The Gray Man", which also stars Ryan Gosling🕵 Plus, he gives an update on his beloved dog, Dodger, who just went in for surgery🐶 pic.twitter.com/gpuyUwwdhX
— ET Canada (@ETCanada) August 13, 2020
The Situation Could Be Even Worse For Netflix…
According to a financial report for the first quarter of the year, Netflix forecasts an even bigger loss for the second quarter of this year. The company estimates it will record a loss of more than two million subscribers.
The lack of subscribers is also reflected in the stock exchange. Netflix’s stock has fallen around 70% so far.