Get in the KNOW
on LA Startups & Tech
X
Photo by Venti Views on Unsplash
As Its Stock Drops, Netflix's Employee Morale Is In Freefall, Too
Kristin Snyder
Kristin Snyder is dot.LA's 2022/23 Editorial Fellow. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
Netflix’s poor first-quarter earnings report has led to both a falling stock price and falling workforce morale.
After the streaming service disclosed a large subscriber loss in its earnings last week—triggering a roughly 40% decline in its shares since—many Netflix employees are reconsidering their futures at the company, with their confidence in its future direction shaken and their stock options looking increasingly skint, Bloomberg reported. Some employees have even requested new stock grants to make up for their losses, according to The Information.
The disappointing results have also led Netflix to evaluate its current spending levels, which will likely force employees to succeed with smaller budgets and fewer people. Bloomberg reported that Netflix is already restructuring teams in its engineering department—which have largely consisted of one leader overseeing a team of similarly-ranked people—to add seniority levels, a move considered to be a cost-cutting measure.
Other changes have already occurred in Netflix’s animation department, where the company has laid off Phil Rynda, its director of creative leadership and development for original animation, and several other employees, The Wrap reported last week.
Netflix has grown from 2,000 to 11,000 employees in the last eight years, according to Bloomberg, with most of its new hires based either internationally or in Hollywood. Co-founder Reed Hastings has boasted of a company culture based on freedom and responsibility—values that could now come under pressure amid heightened constraints.
Netflix disclosed its first net subscriber loss in over a decade in its earnings report, placing much of the blame on password-sharing—a practice it said it would be cracking down on. The company also indicated that it will be incorporating ads via a cheaper subscription tier to entice new subscribers.
From Your Site Articles
- Can Netflix Keep Growing? - dot.LA ›
- Why Wall Street Isn't Expecting Much From Netflix's Earnings - dot.LA ›
- Netflix Laysoff Journalists Months After Hiring Them - dot.LA ›
- Netflix Hit With Lawsuit Amid Plummeting Stock Price - dot.LA ›
- Netflix Updates Culture Memo With Anti-Censorship Addition - dot.LA ›
- Netflix Lays Off 150 Employees - dot.LA ›
- Netflix Lays Off Another 300 People - dot.LA ›
- Roku Lays Off 7% of Workforce Amid 2022 Ad Apocalypse - dot.LA ›
- How Netflix is Restructuring Through 'Quality Over Quantity' - dot.LA ›
Related Articles Around the Web
Kristin Snyder
Kristin Snyder is dot.LA's 2022/23 Editorial Fellow. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
https://twitter.com/ksnyder_db
‘Influencer Olympics’: Content Creators Are Getting Paid Big Bucks To Attend Coachella
05:01 AM | April 20, 2023
Evan Xie
If someone attends Coachella and doesn’t make a TikTok about it, did they even go? Scrolling through any social media feed over the past few days, it seems like the answer is a firm “no.” Instead, people document everything from the food they ate to the cowboy boots they wore. The is even a genre of video dedicated to complaining about Coachella.
On TikTok, videos tagged #Coachella2023 have already amassed over 1.6 billion views—already up from #Coachella2022, which had 1.5 billion views and the second weekend has yet to begin. On Instagram, the hashtag has almost 37,000 posts. Sure, some of the content is posted by people attending the festival for fun. But a quick scroll through either platform shows that influencers have created the vast majority of the posts.
Content isn’t even limited to the two festival weekends. In the months leading up to Coachella, people share survival tips and outfit inspiration. And, afterward, the outfits reviews judge who captured the current trends and who fell flat.
This flood of content has led many to deride the influencers swarming Coachella. Critics say that the focus on fashion has ruined the festival and that influencers ushered in this change. A recent video by the singer Loren Grey, who rose to fame through TikTok, only confirmed these issues. Grey dubs Coachella “the influencer Olmpyics” despite the fact that many don’t even attend the festival. Instead, she says they film outfit and lifestyle content from the desert to make it look like they were in the thick of things.
So how did Coachella transform from a music-centric event to a TikTok content farm?
The influencers aren’t entirely to blame. Instead, people should point fingers at the brands Coachella works with to sponsor the festival. Brands like Neutrogena, H&M and Casetify—three of this year’s sponsors—all work with influencers to produce content from the festival and promote their products.
But the biggest player in Coachella’s influencers world is Revolve. Since 2015, the fashion company has produced the Revolve Festival concurrently with the first festival weekend, where they invite social media influencers and celebrities to network while watching trending artists perform. And, though influencers made Coachella content prior to Revolve Festival, the new event was a clear turning point in how brands could benefit from social media stars.
Revolve also works with influencer marketing agencies to gift clothes to attendees prior to Coachella. Evidently, the strategy works—back in 2018, the company said sales from the Monday before the festival were higher than Cyber Monday. The music festival has only become more crucial for the brand’s sales since then, with Revolve likening the festival to a retail Superbowl.
But it’s hardly just Revolve that’s capitalizing on the festival. Last year, one influencer said she earned $2,000 per Instagram post featuring Coachella content. Another influencer was paid $2,500 for three Instagram stories and a Reel in addition to a free ticket compliments of one of the brands she partnered with.
The reliance on influencer marketing during the festival is just a reflection of a wider focus on social media marketing. In recent years, brands are leaning even further into the presumed authenticity of micro-influencers who attend the festival. Which of course, means more content from more people.
So as annoying as some people find the unending stream of content, it’s time to accept that Coachella has long been a networking event for those whose livelihood depends on creating a glut of “get ready with me” videos.
From Your Site Articles
- The Rise of Influencer Coaches: How Social Media Stars are Monetizing Their Success ›
- What Is ‘De-influencing?’ and How Is It Different Than Typical Influencer Content? ›
- Brands Are Reevaluating Influencer Deals Following Kanye West’s Fallout ›
- Key Takeaways From The State of Influencer Earnings Report ›
Related Articles Around the Web
Read moreShow less
Kristin Snyder
Kristin Snyder is dot.LA's 2022/23 Editorial Fellow. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
https://twitter.com/ksnyder_db
You Can Now Find Nearby Bird Scooters on Google Maps
02:39 PM | August 17, 2021
People navigating via Google Maps can now easily see Bird scooters available along their routes. Google also added San Francisco-based Spin to their app this week.
The move is the latest in Santa Monica-based Bird's partnerships with mobility-as-a-service platforms around the globe, such as Skipr and Tranzer. The company said in May that it plans to go public in a SPAC valued at $2.3 billion.
In addition to Spin and Bird, vehicles from micromobility giant Lime may also show up on the Google Maps app when searching for bike-friendly routes. The integration of Spin was announced just yesterday while Lime has been integrated in Google Maps since 2018.
To use the new feature, users can type in their location and destination into the Google Maps app and then opt to see bike-friendly routes. Then, if there are Bird scooters nearby, the app will display the Bird logo in those locations. If a user wants to use a scooter, they will be taken to the Bird app to complete their transaction.
Derek Paley, director of the Maryland Robotics Center at the University of Maryland who has done work in micromobility, pointed out that this could make scooter use easier, as it not only helps users find nearby scooters, but also scooter-friendly routes.
The announcement comes on the same day that the company is installing its scooters in New York City for the first time, along with competitors Veo and Lime.
Bird did not respond to a request for comment.
Deirdre Oakley, a professor of Urban Studies at Georgia State University who has done research on micromobility, said she is skeptical that a feature like this could prompt a significant number of non-Bird users to start using Bird vehicles. But, she is optimistic that it could increase the number of rides among those who are already Bird users.
Lime spokesperson Russell Murphy said that the company has seen "great user acquisition through Google Maps as it's one of the most widely used trip planning apps available."
Adding to the environmental benefits of e-scooters, Murphy also said that electric scooters are a preferable pandemic travel option: "With the Delta variant spreading, we also see riders once again turning to micromobility to travel as it's open air and you can socially distance naturally."
From Your Site Articles
- Here's How Bird Laid Off 406 People in Two Minutes - dot.LA ›
- Bird Pay Will Let Scooter Users Purchase From Local Vendors - dot.LA ›
- Bird Scooters Heads Towards Its Public Market Debut - dot.LA ›
- High Gas Prices Could Boost E-Scooter and E-Bike Ridership - dot.LA ›
- Can Bird Fix the Hazards of E-Scootering? - dot.LA ›
Related Articles Around the Web
Read moreShow less
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.
RELATEDTRENDING
LA TECH JOBS