Netflix axes two major films and sacks staff in desperate bid to save cash | The Sun
NETFLIX has axed two major films and sacks staff in a desperate bid to save cash.
The streaming giant's animation unit is undergoing a restructure, and it will lead to a number of job cuts.
It also means it's had to cancel two projects that were already in pre-production.
However, a Netflix representative couldn't confirm how many jobs would be lost or when potential pay offs would begin.
The latest move comes after the company announced in May that it intended to cut $300 million (£245m) in expenses this year.
But at the time, it ruled out cutting jobs.
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Netflix put a new long-term strategy in place following the arrival of vice president Karen Toliver in 2022, and this new restructuring is part of that plan.
Variety revealed that one of the temporarily cancelled projects is Tunga, which was created by producer Godwin Jabangwe and which Netflix was awarded at auction in 2019.
It is based on the mythology of the Shona culture of Zimbabwe and follows a young girl who searches for the home of the ancient spirits.
She is desperate to find them so she can learn how to summon the rain and save her tribe from a drought.
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Meanwhile, the other project that has been axed was the previously unannounced Escape From Beverly Hills.
Netflix is exploring recruiting outside deals to "keep its animated content volume consistent", according to Variety.
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