For the first time in a decade, the streaming giant Netflix has lost subscribers as it has cut 2 percent of its staff. Thus, the growth of the popular streaming platform Netflix has slowed down. Netflix officials said that the layoffs were not based on the performance of specific individuals. Instead, this change has been brought mainly for the business’s own needs. The article is about Netflix Laid Off 150 Employees.
The company plans to lay off workers as business growth slows. Most of the retrenched workers are from the United States. It did not say in which department the workers were laid off. However, a report said that the recruitment, communications, and content departments had been affected.
In this regard, a spokesman for Netflix said, “Decreasing revenue growth means that we also need to reduce spending growth as an organization.” At the end of the first quarter of 2022, the total number of subscribers of Netflix stood at 221.8 million. However, compared to the last quarter of 2021, the number of subscribers was a little less this time. While Netflix still tops the list in terms of online streaming services, the company has faced stiff competition from Disney Plus, HBO, and Amazon Prime Video in recent years.
Netflix, meanwhile, blamed the Russia-Ukraine conflict for the drop in subscribers. The company announced the suspension of services in Russia in the wake of the Russian attack on Ukraine. As a result, the online streaming platform loses subscribers. The number of subscribers has decreased to two lakh. The total user rate has reduced to less than 0.1 percent. The company also expects to lose another 2 million subscribers in the first three months.
Experts say the number of users has increased due to COVID-19. Many people have spent time watching movies and series by signing up for a Netflix account to spend time at home. However, with the relaxation of restrictions, public life has returned to normal. Therefore, the company has faced a difficult situation in growing the business.
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