The Netflix Co-CEO does confirm that it’s talking to Roku, Google and Comcast about potential partnerships.
Layoffs have hit Netflix again, with the streamer letting go of roughly 300 staffers on Thursday. The cuts are across multiple business functions in the company, with the bulk of the jobs lost in the U.S. These new layoffs hit just a few weeks after the streaming giant — which has a global workforce of roughly 11,000 staffers — made an initial round of reductions of similar size in May.
The streaming company is seeking to sell ads around its programming to boost revenue. Partnerships could help it move faster to bring an ad-supported version of its service to market.
As the world’s biggest advertising conference convenes in Cannes, France, all eyes will be on Netflix for clues on how the streaming giant plans to break from its ad-free business model to offer a cheaper subscription for the first time. Netflix Co-CEO Ted Sarandos is scheduled to cap off a week of panels with a talk on Thursday at the Cannes Lions festival.
MEXICO CITY (AP) — Two actors on the Netflix series The Chosen One were killed and six other cast or crew members were injured after the van they were riding in crashed near Mulege on the Baja California Sur peninsula. Local media reported the crash occurred Thursday, and said the van flipped after running off […]
Netflix is bracing for its next round of layoffs as the streaming giant looks to cut costs in the wake of its stock troubles. Impacted staff are expected to be told at the end of the week. It’s unclear what departments are going to be hit, but sources suggest that the cuts could be similar in size to the round of reductions undertaken in May. At that time, Netflix laid off 150 employees and dozens of contractors and part-time workers.
Exclusives
The terms of the settlement between the streaming giant and the comedian and Oscar-winning actor weren’t disclosed Wednesday, when they jointly filed in a Los Angeles federal court for the racial and sexual discrimination case’s dismissal.
The streamer has been in the line of fire following the company’s major drop in valuation, leading to plenty of speculation about the future of Netflix and its content spend. “This year, we’re expected to spend $17 billion on content, that hasn’t changed in that way,” Bajaria told an audience at the Banff World Media Festival. Speaking at the conference, Bajaria admitted that “it has been noisy for sure.”
The streaming home to the hit survival drama announced Squid Game: The Challenge, with 456 players in real-life competition in a series of games for a record-setting $4.56 million purse.
It’s official: Netflix has renewed its biggest series, Squid Game, for a second season. The follow-up had been in development, and Netflix brass — as well as the series’ writer, director and executive producer Hwang Dong-hyuk and main cast — had teased a return of the show following the runaway success of the initial installment.
Rumors that Netflix might be interested in buying Roku boosted Roku’s stock on June 6 but produced mixed reactions from analysts.
Roku shares traded firmly higher Wednesday following a report that linked the streaming service hub to a potential takeover by Netflix. Business Insider reported Wednesday that Roku has recently closed the window during which employees can sell their vested stock grants, citing people familiar with the matter, and that talk inside the San Jose, Calif.-based group has focused on a potential takeover bid from streaming giant Netflix.
Netflix is said to be battling Amazon and Comcast/NBCU to unseat incumbent ESPN/Disney for a rights package that could exceed $100 million a year
Despite recent layoffs, Netflix said it is doubling down on Los Angeles, filming at least 70 productions in the area this year as the streamer spends roughly $18 billion on content globally.
Netflix‘s foray into the advertising world will take time to build but will eventually lead to more subscribers and higher earnings, according to a new report from Wells Fargo media analyst Steven Cahall. He estimates AVOD will account for 30% of its subscribers.
The climactic half of Ozark‘s final season propelled the drama to a dominant win on Nielsen’s weekly streaming chart for May 2 to 8. With more than 3.3 billion minutes of streaming, the series accounted for 40% of the week’s Top 10. The second part of the latest (and final) season debuted on April 29.
Reports out of one of the first test markets, Peru, reveal that Netflix is still struggling to define a basic premise of its strategy — just what is a “household”?
Once again, Nielsen’s weekly “Streaming Top 10” rankings seem to be directly at odds with Netflix’s “Global Top 10,” with the research company ranking Netflix limited original series Anatomy of a Scandal in fourth place for the week of April 18-24. Nielsen tallied 690 million viewing minutes for Anatomy of a Scandal for the week, trailing fellow Netflix shows Better Call Saul, Bridgerton and Cocomelon.
Netflix’s layoffs included dozens of people who promoted diversity on its social media channels, causing some to question its commitment to inclusion.
Netflix’s addition of an ad-supported tier could generate as much as $2.5 billion in annual advertising revenue in the U.S. alone, while boosting overall domestic revenue by 21%, according to calculations conducted and published by The Information.
Nielsen ranks Anatomy of a Scandal No. 4 for the week of April 18-24 after Netflix declared it “No. 1 in the U.S.”
Since May 2021, the streamer has been reaching out to small groups of subscribers with a proposition: The company is inviting them to participate in a panel to provide feedback on Netflix’s upcoming movies and TV shows before they’re released publicly.
Layoffs are underway at Netflix today. About 150 positions out of the streamer’s 11,000 workforce are being eliminated amid a slowdown in the company’s revenue growth. They are largely based in the U.S., a significant portion in creative. A number of them are in the executive ranks, including in original content, with a couple of director-level original series execs rumored to be leaving.
Nielsen data show TV users watched 4 trillion minutes of programming on the big four broadcasters and the five streamers it publicly tracks.
Norm Macdonald, who died last September at the age of 61, privately shot an unreleased one-hour stand-up special. The acclaimed Saturday Night Live actor-comedian known for his deadpan delivery was diagnosed with cancer in 2012 but kept his illness private. He was working on new material for a Netflix special when he had to go into the hospital in the summer of 2020. Netflix will release the surprise program — Norm Macdonald: Nothing Special‚ on May 30.
Hollywood went all in on streaming, but Netflix’s plummeting stock, CNN’s shutdown of its CNN+ streaming service, and a forthcoming sale of Vice has chief executives and the stock market questioning whether that was the wrong bet. In this conversation, Kara Swisher breaks down this year’s media shake-ups with Matt Belloni, founding partner at Puck News, and Ben Smith, the former New York Times media reporter who is a founder of a media start-up called Semafor.
Executives said they were aiming to introduce an ad-supported, lower-priced subscription tier in the last three months of the year, sooner than originally indicated.
A group of Netflix investors have filed suit against the streaming company in a San Francisco federal court, alleging that from October to April, Netflix failed to disclose “adverse material facts” about its true growth prospects. The class-action complaint names Co-CEOs Reed Hastings and Ted Sarandos, as well as Chief Financial Officer Spencer Neumann.
