Courtesy of AP
Netflix is reorganizing its marketing department, promoting some key executives, while eliminating several positions. As part of the move, 25 people from Netflix’s global marketing team of more than 500 employees will be laid off, Variety has learned.
The cuts come after Netflix announced in its most recent earnings call that it had lost 200,000 subscribers, with the slowing revenue growth causing its share price to slide.
Netflix has signaled to investors that it is committed to maintaining operating margins of 19% to 20%. However, insiders say that the plans to shake up the alignment of the marketing department were hatched last year. The goal is to de-layer the executive team and simplify its reporting structure, as well as trim costs.
As part of that effort, Shelly Gillyard, vice president of U.S. and Canada series marketing, and Jonathan Helfgot, vice president of U.S. and Canada film marketing, are both being promoted to co-lead Netflix’s U.S. and Canada marketing. They are filling the job left vacant after Marian Lee was promoted last month to the chief marketing officer position. She replaced Bozoma Saint John.
Gillyard and Helfgot are well-liked within the company and seen as strong and creative leaders, with deep marketing backgrounds, having worked on Netflix hits such as “Bridgerton” and “The Adam Project.”
In addition to the promotions, Lucinda Martinez, vice president of global brand and multicultural marketing, has decided to leave Netflix to form her own multicultural consulting firm.
Some of Thursday’s reductions came at Tudum, Netflix’s fan-focused site. The cuts at Tudum are a mixture of contractors and full-time staff. However, the site will not close down, contrary to some murmurs on social media. “Our fan website Tudum is an important priority for the company,” a spokesperson said. Michelle Lee will continue to lead Tudum.
Even though the marketing changes were hatched before the stock issues, more cuts could take place at the company in other departments, particularly as Netflix looks to tighten its belt.
Variety's Brett Lang and Elsa Keslassy contributed to this post.
https://variety.com/2022/film/news/netflix-marketing-layoffs-1235253487/
