This is the latest round of layoffs for the company, which has had a rough year. The news comes a month after Netflix fired 150 workers because the number of subscribers dropped in the first quarter of 2022.
The streaming platform has already lost about 200,000 paying customers this year, and it expects to lose another two million paying customers in the second quarter of 2022.
Netflix Fires 300 More Workers, Devalued Plummets by 70%
At the moment, one share of Netflix stock is worth about $180. This is a drop of almost 70% from the end of 2021 when each share was worth more than $600.
But new services like Disney+ and Amazon Prime are making it harder for it to get more subscribers, and people aren’t sure if they should stay signed up.
The streaming giant is cutting costs in some areas to save money:
Variety says that the streaming giant is cutting costs in some areas to save money, but it still plans to spend a lot on developing shows.
This year, Netflix is expected to spend about $17 billion on making shows and movies, which is about the same amount it spent last year.
Netflix said in a statement about the job cuts: “We had to let about 300 people go today, which was sad.
“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 can’t thank them enough for everything they’ve done for Netflix, and we’re doing everything we can to help them through this hard change.”
About 11,000 people work for Netflix, and the 300 people who were let go came from all over the company. This was done so that bosses could look for ways to save money.
The streaming giant has been the market leader for years because its number of subscribers has grown steadily and it is still the most subscribed streaming platform on TV.
It is no longer the only big game in town, and it costs more than its closest competitors.
The streaming giant Netflix thinks it has a plan for the future
Netflix thinks it has a plan for the future because it just announced that it will offer cheaper subscriptions that will include ads.
It is hoped that it will bring in more money for the platform and could get some people who stopped paying to sign up again on the cheaper tier.
It is also trying to stop people from sharing passwords since it thinks that up to 100 million households use a Netflix account that was paid for by another household.
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This post was last modified on June 24, 2022 8:21 pm