Netflix has slowed hiring by 20%. It can't be all because of Disney plus, can it?
We are all still waiting to see what happens to streaming-leader Netflix ($NASDAQ:NFLX) when 2020 ends and legions of competitors launch. HBO Max, NBC Universal's Peacock, and others are still in the works, but after the explosive start (and Baby Yoda phenomenon) Disney Plus had this year, everyone is wondering: What's next for Reed Hasting's brainchild?
Initially, the reports seem that a loss in subscribers is still a drop in the bucket to Netflix. If they lose a million paying customers, there's still millions more to cushion that blow. But until more time and data are available, it's hard to really pin down what the bottom line will be for all of these entertainment enterprises.
What we did notice, however, is that hiring at Netflix is down 20% since the start of October. Why is that exactly?
You can see that historically, having 400+ openings is now the new norm for them, but the average has been around 500+ for a while now. This recent drop off is something to monitor, especially if it continues and if Netflix is re-thinking its hiring strategy.
We figured there's a particular department that's being hit hard, and it seems that's in fact the case.
Content Legal jobs were always the most sought after jobs for Netflix this year, quarter after quarter. Until recently, where it dropped. Finance and engineering have moved up the list, because apparently there are enough lawyers who work at Netflix now?
It is our understanding that the Content Legal team is in place to secure the rights to various extant programs around the world. This drop-in hiring for the group could mean that Netflix simply has the Content Legal team in place that it needs, or that the company is taking a breather as it waits to see what Disney, Apple, NBC's, HBO, Hulu, Amazon, Vudu, Crackle, BritBox, and a half-dozen others do next.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.