Netflix's competition changed. They were one of the few players in streaming. Now, there are infinite streaming platforms, all angling for their cut of the pie. For Netflix to continue to be profitable, it decided it needed to spend more on original content. Then I suppose the cost cutting came for other expenses. Hiring a bunch of very experienced engineers does not come cheap. Netflix was known for having the highest cash comp in the valley. They've started hiring new grads again, because it's cheaper to hire one senior engineer to lead a bunch of junior engineers instead of a few seniors to do everything themselves.