Posted on 05/05/2022 3:49:30 AM PDT by Libloather
Fear and loathing are on the rise in Hollywood as top execs and rank-and-file employees grapple with growing uncertainty about their place in a rapidly changing entertainment industry. One pervasive concern: that the streaming-fueled content bubble has finally burst, with more consolidation on the way.
Wall Street darling Netflix lost $54 billion in market value in one day last month amid concerns about a slide in subscriber numbers and promptly reorganized its marketing department once again, axing writers on its fledgling Tudum fan site five months after launch. And the fallout from the Warner Bros. Discovery merger and Amazon’s acquisition of MGM has just gotten underway, with top exec Michael De Luca exiting the latter April 27 and squashed initiatives at the former. Neither the disrupted nor the disruptors are feeling too good these days.
“We’re all waiting on pins and needles for someone to pull the figurative trigger on the inevitable restructuring,” says a Warner Bros. Discovery staffer, no doubt aware that the $3 billion in cost-saving synergies CEO David Zaslav has promised is really just corporate code for layoffs. The exec pulled the plug on CNN+ less than a month after it launched and the company has since begun pulling back TNT and TBS’ unscripted content, moves that will likely lead to job losses.
“2022 will undoubtedly be a messy year,” Warner Bros. Discovery Chief Financial Officer Gunnar Wiedenfels told Wall Street analysts April 26 while discussing the company’s most recent quarterly earnings.
Abrupt strategy pivots such as the CNN+ closure have added to the growing unease around town. Netflix, known for its “Hunger Games” ethos, didn’t waste time on niceties while killing writer contracts April 28.
(Excerpt) Read more at variety.com ...
https://www.nasdaq.com/market-activity/stocks/nflx/institutional-holdings?random=627393bfd3136
Note what Netflix has in common with Disney.
The top institutional ownership.
Maybe they should stop churning out woke garbage and running their mouths insulting half the country…
Sounds like a lot of “Profiles of Courage” awards to be handed out.
Disney Groomer!
Those "rattled" staffers should be the first to go.
Freelance anybody?
Didn’t California demolish freelancing with AB 5 ?
if so, karma! eh?
A little good news for a change.
im sure they blame trump somehow ..
And s inflation grows, extras like netflix will be cancelled.
‘and as’
Hollywood makes woke crap nobody cares about anymore. People have proven Hollywood award ceremonies awarding themselves for movies no one goes to is no longer of interest. They have to invent a brawl to get people to watch. It will get worse too. One of the first things to go when food and energy costs rise will be cable and streaming services.
Most of that stuff cranked out in Discovery+ is steaming garbage. No amount of office work can make that swill any easier to drink.
Yes, but only the freelancing jobs that didn't have armies of lobbyists to buy off the legislature and governor. Many freelancing contractors (realtors, nurses, lawyers, etc.) were specifically exempted.
Thanks. Hoping the soon-to-be laid off Netflix streaming content “creatives” didn’t make the payoffs.
Here’s some advice that lots of companies in the past have had to learn - KNOW AND SERVE YOUR CUSTOMERS. If you treat them like the enemy, they will be.
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