The entertainment industry is currently undergoing a crisis following the Hollywood strikes, that created a cinematic hiatus of five months. Several big production houses and streaming giants have been trimming their spending and workforce for a while now. As per the US Bureau of Labor Statistics, the industry’s workforce shrank by approximately 45,000 employees following the strikes. After Amazon Prime, DreamWorks Animation, Epic Games, and Disney, now is the time for Netflix to do some damage control amidst the crisis. 

The strikes and their impact put a big damper on the financial stability of Netflix. As per a recent report, the OTT giant is preparing for a major layoff in a specific content division to make up for the losses. 

Netflix preparing to undergo a major restructure 

Despite the dark period of strikes, Netflix managed to bask in a brief ray of sunshine with its record-breaking live-action adaptation, One Piece. Ever before the massive success of One Piece, Netflix laid out an exciting lineup of anime releases, including Escape From Beverly Hills and Tunga. However, as per Variety, the streaming giant will be shutting down these two adaptations and also laying off its workforce from the anime division. 

The streamer will be recruiting outside producers to maintain its steady stream of anime content. This decision is a part of the animation Vice President, Karen Toliver’s long-term strategy for the department. A Netflix representative confirmed this news to the media, however, the source refused to delve into details on this update. As of now, there is no information regarding how many jobs will the OTT giant lay off.

After the outrage from fans regarding the subscription rate hikes, this step may cause more trouble for the American company. 

The OTT giant increasing its subscription rates left fans fuming

Netflix has been on a spree to find new ways of earning money for the last few years. Whether by adding popular movies to its content library, coming up with new strategies to maintain the buzz of its originals, or increasing the subscription rates, the streaming platform has been covering all the bases to bring in profits. While fans have been content with the first two tactics, the back-to-back hikes in its membership have been a real bother for the streamers. 

Since the year 2019, the American streaming platform has raised its price range from a dollar to $19.99. Despite the pocket-weighing rates, Netflix will reportedly increase its prices once again following the strikes. As per The Wall Street Journal, the USA and Canada will be seeing the price escalations before the company implements it all across the world. This news did not sit well with the streamers, putting Netflix on the brink of losing its customer base. 

What do you think about Netflix laying off its workforce from the anime division? Let us know your thoughts in the comments below.