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Netflix Lays Off 150 Employees
Christian Hetrick
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Netflix is laying off roughly 150 people after the streaming giant lost subscribers last quarter.
In a statement to dot.LA, a Netflix spokesperson said the company’s slowing revenue growth means it must rein in its costs.
“So sadly, we are letting around 150 employees go today, mostly U.S.-based,” the spokesperson said. “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 job cuts amount to 2% of the company’s workforce, according to the Hollywood Reporter. The streaming giant is eliminating 70 roles in its animation division, and cutting contractor jobs in social media and publishing channels, THR reported, citing a company memo. Affected employees are expected to receive severance packages starting at four months.
The layoffs come just a few weeks after Netflix laid off about 25 people in its marketing division, including at its editorial website Tudum.
Netflix shares have cratered since the streaming platform reported that it lost 200,000 subscribers during the first quarter—the first time the company shed customers in more than a decade. The company also expects to lose 2 million more in the current second quarter. The streamer blamed increased competition, password sharing and the war in Ukraine, among other issues.
During the earnings call in April, Netflix CFO warned that over the next two years, “we're kind of operating to roughly that operating margin, which does mean that we're pulling back on some of our spend growth across both content and noncontent spend.”
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Christian Hetrick
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Meet the Space Startups That Make Up SCALE Aerospace Ventures' Inaugural Cohort
04:15 PM | May 05, 2021
A jet designer that aims to make supersonic flight available to the masses, a durable 3-D printer maker and a company trying to improve post-disaster and space communication are among SCALE Aerospace Ventures' 2021 accelerator cohort.
Eight aerospace companies that are working on next-frontier technologies were tapped for the 13-week virtual program that kicks off on Monday, May 10. A joint partnership of UCLA and Starburst Aerospace, the accelerator is designed to help pre-seed and seed stage aerospace startups find their market fit, develop products, and secure funding through mentorship and workshops.
"We often see many of the new ideas that truly propel the aerospace and defense industries forward come from young startups," said Francois Chopard, founder and CEO of Starburst Aerospace."We believe in this new cohort and are looking forward to the cutting-edge innovation that will develop from this collaboration."
Starburst runs multiple aerospace accelerators all over the world in cities like Paris and Tel Aviv.
It is no surprise that Starburst is investing in Los Angeles, known to many as the aerospace capital of the world, consisting of more than 25 aerospace companies including SpaceX. Earlier this year, the U.S. Space Force announced it would establish its acquisitions and technology division in the Los Angeles area this summer.
This program was granted $1.4 million by the U.S. Economic Development Administration to develop SCALE Aerospace Ventures.
Here are the startups slated to join the accelerator this summer:
Atomus logo
Atomus
With a team originating from University of Southern California, Atomus works to protect companies from cyberattacks when they share technical data packages for manufacturing. The startup's technology is already being used by the U.S. Marine Corps, the U.S. Air Force and the Defense Innovation Unit.
Exosonic logo
Exosonic
Loud sonic booms from supersonic aircraft prevent passenger planes from traveling at supersonic speed. Exosonic has developed a low-boom supersonic jet capable of carrying 70 passengers, transforming commercial aviation while remaining conscious of its carbon footprint.
Craitor logo
Craitor
The company's 3D printing system is designed to withstand extreme temperatures and water, unlike competitors. Craitor's capabilities made it attractive to the U.S. Marine Corp, which is working with the company on the development through units at Camp Pendleton, Twenty Nine Palms. It is also working with the Navy through the San Diego Naval Base.
Rebel Space Technologies Logo
Rebel Space Technologies
Headquartered in Long Beach, the startup provides secure radio communication in difficult environments such as space or post-disaster. Rebel Space Technologies leverages AI software and advanced signal analysis.
Rhoman Aerospace Logo
Rhoman Aerospace
Los Angeles-based Rhoman Aerospace is developing flight control software for drones. The software aims to increase traditional flight time and provide safety measures that will help open doors for commercial scale drone operations.
Black Arrow Logo
Black Arrow
Black Arrow: This startup focuses on creating more options for companies utilizing data labeling and calibration so they no longer have to rely solely on manual labeling by in-house or international labeling teams.
Axion Ray
Axion Ray
This startup is currently in stealth mode, but according to AngelList, it develops "AI to accelerate engineering of next-gen & electric automotive/aerospace vehicles."
Metaspectral
This startup applies photo compression technology to spectral images, which captures light across the electromagnetic spectrum. Metaspectral's technology compresses these large images down to as little as 30% of their original size, which makes the evaluation of the images and data more efficient.
Editor's note: This story has been updated. An earlier version incorrectly stated Techstars is affiliated with Starburst.
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aerospaceatomusaxion rayblack arrowcraitorexosonicfrancois chopardmetaspectralrebel spacerhoman aerospacestarburst aerospacestarburst space acceleratoruclaspace
Caitlin Cook
Caitlin Cook is an editorial intern at dot.LA, currently earning her master's degree in mass communication from California State University, Northridge. A devoted multimedia journalist with an interest in both tech and entertainment, Cook also works as a reporter and production assistant for MUSE TV. She got her Bachelor of Fine Arts in Filmmaking from University of North Carolina School of the Arts.
Coronavirus Updates: Milken Conference Postponed Again, L.A. County Hits Grim New Record
04:01 PM | April 06, 2020
Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
Today:
- Los Angeles heads into week after largest one-day increase in COVID-19 deaths
- Milken Global Conference postponed again
- Skip grocery shopping this week, L.A. health officials warn as they prepare for onslaught
Officials urge residents to skip shopping this week as deaths climb to 147, cases to 6,300
Bracing for a wave of coronavirus cases, Los Angeles county health officials asked people to skip shopping this week. The plea case as the fast-moving COVID-19 claimed another 15 people, bringing total deaths to 147 in the county. So far county health officials have logged 6,360 cases of COVID-19 with 420 new ones reported on Monday.
"We will see many more cases over the next few weeks," said Barbara Ferrer, the county's public health director during a daily press conference. "If you have enough supplies in your home, this would be the week to skip shopping altogether. if you can arrange for medications and groceries to be delivered, this would be the week to put this in place. "
Ferrer also said she's encouraging grocery stores and pharmacies to offer free delivery services for the elderly and those with underlying health conditions because they have such a high risk of dying from COVID-19
She urged the elderly and those at high risk to not go out except for medical appointments. "There is a lot of virus circulating in our community and you are not safe if you go out," she said.
Ferrer said last week that she expected new cases to jump to about 1,000 a day in the coming weeks.
Milken Global Conference postponed again
The Milken Institute announced Monday it was again pushing back the 2020 Milken Institute Global Conference, to October 12-15, 2020.
It is another indication of how rapidly circumstances have changed over the last few weeks. Less than a month ago, Milken said the conference would be moved to July. It was originally scheduled to take place in May.
The gathering, which attracts 4,000 attendees from more than 70 countries to Beverly Hills, normally takes over the entire Beverly Hilton – from the same massive ballroom where the Golden Globes are held to dozens of smaller rooms.
Had it been held in July, the conference would likely have to have been more spread out. Milken staff were exploring different sites in Los Angeles since it was not clear how much of the Hilton was already booked. But with the event pushed back to October, the event can now once again take over the hotel.
Of course, it remains very much an open question whether large scale events can take place at all by October. But Milken would be loath to cancel its Global Conference since it is a major source of the nonprofit's annual revenue.
"The global crisis demonstrates the need for individuals, organizations, and nations to bridge divides and work together to find solutions to—and be better prepared for—economic and health challenges like those we are facing now and in years to come," Michael Klowden, CEO of the Milken Institute, said in a statement.
Los Angeles heads into week after largest one-day increase in COVID-19 deaths
Los Angeles County hit a grim new record over the weekend after 28 deaths were reported on Saturday from the novel coronavirus, the largest one-day increase since the outbreak slammed California. This will likely be front-and-center when California Gov. Gavin Newsom and Los Angeles Mayor Eric Garcetti hold respective briefings later Monday,
As of Sunday, there were 15 additional deaths and 683 new cases -- bringing the county's totals to 132 deaths and 5,950 cases. "We have some very difficult days ahead and now is the time for all of us to redouble our physical distancing efforts and look after our neighbors, friends, and families who may be at the highest risk for serious illness from COVID-19," Barbara Ferrer, director of the L.A. County Department of Public Health, said in a statement.
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