Netflix Slashes Animation Programming, Fires Employees as Subscribers Jump Ship
As consumers dump their Netflix subscriptions in droves, the far-left streamer is reportedly taking an ax to its animation department, cutting programming and firing employees in the latest sign that the company’s days of carefree spending are over.
Netflix laid off its director of creative leadership and development for original animation, Phil Rynda, along with some of his staff, according to a report from The Wrap. The streamer has also pulled the plug on existing and in-development shows.
The changes in Netflix’s animation department come as the streamer enacts major changes after reporting a loss of 200,000 subscribers for the first quarter and a projected loss of a whopping 2 million more in the months ahead. Shares of Netflix have plummeted close to 40 percent since last week, wiping out $50 billion of the company’s valuation.
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