Saturday, June 25, 2022

Netflix is ​​laying off 300 employees as it loses subscribers

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Netflix laid off 300 employees in a second round of job cuts.

The streaming service has shed four percent of its workforce, mostly in the United States. Last month, Netflix cut 150 jobs from 11,000 employees who work for the company.

“While we continue to invest significantly in the business, we have made these adjustments to allow our costs to grow in line with our slower revenue growth,” Netflix said in a statement.

“We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”

The cuts come after news that Netflix had lost 200,000 subscribers worldwide in 2022 and predicted that two million more users would leave the platform over the following three months.

The company blamed more competition from services like Amazon Prime, Comcast’s Peacock, Paramount’s Paramount+ and HBO Max and other streamers, but former employees said the cuts are centered on its diversity divisions.

“Almost everyone I see on LinkedIn writing about layoffs has worked on diversity, equity and inclusion across the company,” said former Netflix employee Evette Dionne tweeted in May during the first round of layoffs.

“These aren’t the only people to be fired, but they make up too many of the 150 to be a coincidence.”

In response, Netflix said it “is committed to inclusion on-screen, behind-the-camera and within our workforce” and the company is “making changes to the way we support our publishing efforts, including delivering some of these important ones.” work in the house” The guard reports.

Netflix is ​​also working on advertising partnerships with other companies after announcing it will bring ads to its platform.

The company is reportedly in talks with Google, Comcast, and Roku about ad-selling partnerships. These companies declined to comment.

“We’re still in the early stages of deciding how to introduce a lower-priced, ad-supported option, and no decisions have been made yet. So this is all speculation at this point,” Netflix said in a statement to CNBC.

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