Netflix says it has laid off 300 employees as part of a cost-cutting exercise. The move follows a significant drop in the number of subscribers. This is the second round of liquidation by the company following a major drop in revenue. Netflix has announced that it has laid off 300 employees, or 4% of its employees. The majority of those fired are Netflix employees in the United States. Last month, the company laid off 150 employees. Netflix said the move was prompted by a drop in revenue. Last April, Netflix laid off some contract workers and editorial staff.

Netflix has been hit hard by inflation, the Ukraine-Russia war and fierce competition from other streaming platforms. With the advent of the plague, people found other similar platforms for entertainment. As a result, Netflix has been under a lot of pressure in recent months. The first quarter saw a significant decline in the number of subscribers. The company expects even deeper losses in the current quarter.

Also Read- Home Buying Tips | Are you going to buy a new home? Here are five things to look for when selecting yours

“We are investing heavily in this business, but the company’s revenue growth has been slow, which is why we have to take such steps,” Netflix said. “We are grateful for all the services they have rendered to Netflix and will continue to support them in this difficult situation,” the company added.

The company also plans to launch cheaper and more inclusive subscription plans. Netflix is ​​in talks with a number of companies for this.

The number of Netflix subscribers has been declining since the price of the plans increased in January. In addition, competition from rivals such as Amazon, Walt Disney, and Hulu intensified. The number of subscribers to all these streaming platforms has been increasing recently.

Also Read- Woman Entrepreneur | Acquired 10 jets in ten years; Young entrepreneur flying into business

Netflix is ​​also in talks with a number of companies to provide advertising. The company aims to present low-cost plans by advertising. Indications are that there may be several changes in the plans. At the same time, the add-free plans on Netflix will continue. Interested users can also opt for it.

The company had said that Netflix’s programs would be upgraded and that such things would be highly valued by users. The company said in a letter to shareholders that it plans to increase the number of subscribers and revenue on the platform with new changes.

Read the most reliable news, live information, world, national, Bollywood, sports, business, health and lifestyle news on News18 Malayalam website.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.