LOS ANGELES: Netflix on June 23 laid off 300 workers within the newest spherical of cuts as the corporate responds to a income slowdown and its first subscriber loss in additional than a decade.
The Los Gatos, California-based streaming big didn’t say what departments have been affected by the cuts.
“Today we sadly let go of around 300 employees,” a Netflix spokesman mentioned in an announcement. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
The firm in May slashed 150 full-time positions throughout a wide range of models shortly after reporting a lack of 200,000 subscribers in the newest quarter. In addition, Netflix let go of dozens of contractors, a few of whom labored on social media accounts to advertise the corporate’s various programming.
The streaming service expects to lose two million extra subscribers this quarter, as Netflix faces a extra aggressive streaming atmosphere. The rise of Disney+, HBO Max, Paramount+ and different streamers have elevated strain on Netflix to make extra hit programming.
Netflix’s inventory has fallen 70% to date this 12 months. The dramatic slowdown comes after Netflix subscriber numbers surged early throughout the COVID-19 pandemic, when folks’s out-of-home leisure choices have been restricted.
In addition to layoffs, Netflix has promised to realize extra subscribers by providing a less expensive model with commercials and experimenting with methods to make more cash from password sharing. – Los Angeles Times/Tribune News Service