Netflix continues to find ways to cut what looks like a bloated number of departments, this time the cuts came in the form of 30 employees in its animation division, according to reports.
The streaming giant recently implemented new management on its animated film team by adding new vice presidents Karen Toliver and Traci Balthazor. And one of their first steps was to lay off 30 more employees, Deadline reported.
So far, no further project cancellations have been announced as projects remain on track, including Apollo 10 ½: a childhood in the space age by Richard Linklater, Guillermo del Toro Pinocchioan Aardman sequel to Chicken coop, and more.
NEW: Netflix Animation is laying off 30 employees, or 2% of its animation studio, this morning. It comes after more than 450 layoffs earlier this year. $NFLX https://t.co/zZJaa41PAK
—Elaine Low (@elainelow) September 14, 2022
However, a list of animated series and specials had already been canceled during previous cost-cutting measures, including the animated series proposed by Meghan Markle and Prince Harry which had been given the green light, as well as Dino Daycare from executive producer Chris Nee, and the adventure series Benefits and curses.
The top streaming service has seen a serious downturn this year. He said he lost 200,000 subscribers in the first quarter of this year. Netflix expects to lose another 2 million before the end of 2022 and morale would be at rock bottom.
Netflix has already engaged in several rounds of layoffs and also cut staff at its internal fan site Tudum just five months after the division launched.
In May, Netflix was reported to be the worst performing stock in the S&P 500. In the same month, shares of the company fell 7% following the news of more bad data from subscribers.
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