Netflix recently laid off 150: Here’s how that might affect New Jersey
Netflix recently had to make a tough decision and cut ties with around 150 of its employees. The reason behind it has to do with a drop in its subscription service.
That means the majority of employees that were let go weren't released due to performance but rather out of necessity. It's unfortunate, but sadly, it's also how business works. When it comes to New Jersey, this news has the potential to hurt the future of the state.
Last fall, Netflix expressed interest to build a facility here in the Garden State. That facility would be located on the former Fort Monmouth site in Monmouth County (Click here to read more about that announcement from October 2021).
At the moment, everything still seems to be on the table. According to APP.com, Netflix still appears interested in coming to New Jersey. If that were to happen, it would be great news for the state, as well as everyone who lives here.
But that's a big if right now as no deal has yet to materialize. If it were to happen, Netflix would possibly be joining other major film and TV production studios that are also interested in coming to the Garden State in North Jersey.
However, if Netflix were to lose interest in coming, or if their bid doesn't get accepted, that would be a major blow for the future of our state. Not to mention all the jobs a brand new facility of this nature would bring to the area.
A bright spot, however, is the popularity of shows produced by Netflix. According to APP.com, Netflix saw a "10% increase in earnings in the first quarter over last year as it raked in $1.6 billion in profit." That despite the loss in subscriptions.
So hopefully, these recent lay-offs don't negatively affect this deal. With their continued success in other areas, let's hope this remains a firm possibility for Fort Monmouth and the Great Garden State.