As Its Stock Drops, Netflix's Employee Morale Is In Freefall, Too
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As Its Stock Drops, Netflix's Employee Morale Is In Freefall, Too

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.

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Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

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These Are LA's Top Venture Capitalists of 2023, According to Their Fellow VCs

2022 was a tough year for venture capital. Venture deals fell throughout the year as the economic environment became uncertain.

But despite the economic downturn, VCs still flocked to LA’s growing tech and startup scene.

We asked more than 30 investors to share which VCs are the best Los Angeles has to offer. The following list reflects those who received two or more votes.

A few familiar faces popped up, such as Bonfire Ventures’ Mark Mullen and TenOneTen’s Minnie Ingersoll, who both received the most votes in previous years. This year, Mullen topped the list with six votes, while Ingersoll and M13’s Anna Barber both came in second with three votes.

The below results are listed according to the number of votes received. In the case of a tie, the names are listed alphabetically by last name.

Here are LA’s top VCs of 2022 according to their peers:

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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.

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