Netflix is already attempting to repair the damage caused by its first loss in global subscriptions in a decade, which saw it lose 200,000 users between January and March.
Multiple new shows have been canceled by the US streaming platform, according to The Wrap, and an executive has been sacked along with his employees.
The huge streaming platform has apparently canceled a number of fresh in-development series in order to avoid further financial damage. Netflix expects to lose another two million paying members by June 2022, causing the company’s stock price to collapse by $50 billion (R784 billion).
The highly anticipated animated series based on Jeff Smith’s comic book series Bone has been canceled by the streaming service. In addition, Lauren Faust’s Toil and Trouble has been canceled, as has an adaptation of Roald Dahl’s The Twits.
Will Smith’s Netflix Movies series has also been canceled. The sequel to the actor’s fantasy film, Bright 2, was reportedly pulled from theaters owing to the infamous Oscar slap.
Netflix and Apple+ reportedly dropped out of the auction for the King Richard star’s planned biography last month. Will, his best-selling book, is said to be the inspiration for the film.
STAFF MEMBERS FIRED
Staff members were impacted by major adjustments made by the renowned streaming company. Phil Rynda, Netflix’s Director of Creative Leadership and Development for Original Animation, was fired. Many of his employees were reportedly sacked earlier this week, according to reports.
Netflix indicated the same week that it is open to introducing advertisements in exchange for lower costs.
“Those who have followed Netflix know that I have been against the complexity of advertising and a big fan of the simplicity of subscription. But as much as I am a fan of that, I am a bigger fan of consumer choice, and allowing consumers who would like to have a lower price and are advertising-tolerant to get what they want makes a lot of sense,” Hastings said.