In what may be a response to increasing numbers of long-term users canceling their memberships, threatening the streaming service’s financial health, Netflix has just announced the cancellation of several animated projects and other far-left shows:
Netflix has pulled the plug on several animated projects, including “Wings of Fire,” from executive producer Ava DuVernay; “Antiracist Baby,” a series aimed at preschoolers; and “With Kind Regards From Kindergarten,” a film tailored to youngsters.
The streaming service also scrapped “Stamped: Racism, Antiracism and You,” a documentary intended to serve as a companion piece to “Stamped From the Beginning, which is a hybrid documentary and scripted feature that delves into race in the United States. “Stamped From the Beginning” is still moving forward and is currently in post-production.
[…] Sources at Netflix stress the decisions not to move forward with these projects were creative rather than cost related, meaning they would have taken place regardless of the company’s slower revenue growth.
What this means is that even if Netflix was seeing record profits, they would not be moving forward with these projects.
They must have heard the feedback from the exodus of subscribers that told them they would never watch a show, or allow their preschooler to watch anything called “Antiracist Baby.”
Netflix is still investing heavily in other animated projects, including “Jurassic World: Camp Cretaceous,” “Kung Fu Panda: The Dragon Knight,” “My Dad the Bounty Hunter,” “Bastard!!” and “Gabby’s Dollhouse.” The studio also recently released “The Mitchells vs. the Machines” and plans to unveil director Guillermo del Toro’s stop-motion animation version of “Pinocchio” later this year.
But it seems the “woke” projects are getting the axe at Netflix, including the quiet cancellation of the insufferable Meghan Markle’ “Pearl” along with other projects like “Bone” and “Dino Daycare.” The streamer is also laying off 150 employees across the company. Those eliminated positions represent less than 2% of the streamer’s 11,000 staffers, but most of those cuts happening in the U.S.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a representative from the company told CNBC. “So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition”.
The layoffs and cancellations come amidst massive losses in both stock value and customer base. According to David Ng for Breitbart, a new survey conducted by Antenna and shared with the tech news site The Information shows that Netflix is seeing a substantial increase in the number of long-term users canceling their memberships, signifying a new threat to the streaming service’s financial health.
The data shows that at the start of 2022, consumers who had been Netflix subscribers for more than three years accounted for barely 5% of all cancellations, but that number surged to 13% in the first quarter. Total cancellations increased to 3.6 million people in the first quarter, up from 2.5 million in the preceding five quarters. Antenna collected its data from a panel of 5 million Americans, according to the company.
As Breitbart News reported:
Netflix has embraced far-left, woke programming for years, including a production deal with former President Barack Obama and Michelle Obama. Company executives are among Hollywood’s most loyal Democratic donors, supporting left-wing politicians including Joe Biden, Hillary Clinton, California Gov. Gavin Newsom (D), and radical leftist Los Angeles District Attorney George Gascon (D).
Shares of Netflix fell more than 7% on Wednesday, and fell even more in after-hours trading last night, amid a broad market sell-off that crushed other technology and entertainment companies like Amazon and Walt Disney. With Wednesday’s losses, Netflix’s stock has now lost 70% of its value this year.
Will they be able to reverse course, or will they “go broke”?