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Netflix Cuts 300 Staff Members
The dominance of Netflix in the streaming industry is slipping.
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Recent reports from Variety highlight that, due to escalating expenses and declining subscribers, Netflix has downsized its workforce by laying off 300 employees, which represents approximately 3% of its total global staff count of 11,000. These job cuts come on the heels of a previous round of layoffs a few weeks ago, where 150 full-time staff members, as well as part-time and contract workers, were released.
“Today we regrettably had to part ways with about 300 team members,” expressed a Netflix spokesperson to Variety. “While we are continuously investing significantly in the company, we have made these adjustments to ensure our expenses align with our slower revenue growth. We deeply appreciate their contributions to Netflix and are committed to aiding them during this challenging transition.”
Netflix is shedding 300 staff members during a challenging period for the streaming titan. The staff reductions affect roughly 3% of its workforce.https://t.co/tbtsdbR2sc
— CNN (@CNN) June 23, 2022
Following their disclosure of a recent decline in subscribers by the end of Q1, Netflix’s market valuation has been steadily dwindling, currently at a 70% decrease. To cope with escalating operating costs, Netflix has been compelled to make budget cuts in various areas. Additionally, they have been working on introducing a new subscription tier supported by ads to generate additional revenue from a fresh subscriber base.
