Netflix cuts another set of high-budget projects after getting hit by layoffs

Layoffs and cut shows appear to be more common for Netflix these days than good news.

If Netflix HQ has a panic button, the executives better hit it now, if they already haven't.

Things continue to get worse for Netflix as it continues bleeding subscribers

Things have gone from bad to worse for Netflix as the popular streaming platform has had to cut costs on a handful of in-development high-budget projects as well as more than 100 employees in an attempt to cut costs.

In a report courtesy of Variety, Netflix has laid off 150 employees from its California office, which is almost 2% of its workforce in the United States. Netflix explained that the reason behind the firing is the "slowing revenue growth", saying that it also has to slow its "cost growth as a company." Other sources claim that the most recent Netflix layoff is just the first of many resulting from the substantial drop in subscriber count the platform experienced earlier this year.

In addition to cutting employees, Netflix also dropped several high-profile projects such as Wings of Fire, Antiracist Baby, With Kind Regards From Kindergarten, Stamped: Racism, Antiracism and You, as well as Stamped from the Beginning.

The aforementioned animated shows now join a long list of canceled Netflix films that also includes Space Force and Bright.

Netflix didn't need to state the obvious regarding its cost-saving measures.

The streaming platform is struggling to cut its losses after losing subscribers for the first time in a decade. With a more significant loss expected later this year, Netflix needs to do more to scale back its costs to prepare for another drop in valuation. However, you can't help but wonder if some of Netflix's moves will do more harm than good. Although it's easy to see the value in offering an ad-supported plan, cracking down on password-sharing is a double-edged sword.

It might be a while before Netflix can recover from its recent losses.

The only saving grace here is that Netflix still has a handful of upcoming shows that should keep audiences coming back for more.

The next season of Stranger Things will premiere on May 27 followed by the premiere of Resident Evil in July and Season 5 of Cobra Kai in September.

Ray Ampoloquio
Ray is a lifelong gamer with a nose for keeping up with the latest news in and out of the gaming industry. When he's not reading, writing, editing, and playing video games, he builds and repairs computers in his spare time. You can find Ray on Twitter.
Multiversus' players are unhappy with new leveling nerf Funko Pop may have leaked identity of the new Black Panther Dahmer enjoys the fifth most-watched series premiere on Netflix Wordle 467 for September 29: Hints and Answers Cinematic trailer reveals the plague is back in A Plague Tale: Requiem WBGames releases Gotham Knights PC trailer showcasing visual features House of the Dragon viewership jumps once again after Episode 6 Modern Warfare 2 beta sets franchise record Jason Momoa lays down the rules in Slumberland Ryan Reynolds reveals Deadpool 3 release date