International

Netflix Cuts 300 More Jobs Following Decline In Subscriptions

Published

2 years ago

Jun 24, 2022.

Yinka Akanbi

Netflix is exploring an ad-supported service and cracking down on password sharing as it tries to boost growth
It recently embarked on a series of price increases in the US, UK and elsewhere, which have contributed to its subscriber losses

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EKO HOT BLOG reports that Netflix has announced another round of job cuts as it grapples with slowing growth and increased competition.

The streaming giant said it was cutting 300 more jobs – roughly 4% of its workforce – mostly in the US, after axing 150 people in May.

The moves come after the company reported its first subscriber loss in more than a decade in April.

The firm is exploring an ad-supported service and cracking down on password sharing as it tries to boost growth.

“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,” Netflix said in a statement on Thursday, adding that it was continuing to hire in other areas.

While Netflix has 220 million subscribers globally and remains the clear leader in the streaming market, it has faced fierce competition in recent years with the launch of rival platforms such as Disney Plus and Amazon’s Prime Video.

The company also recently embarked on a series of price increases in the US, UK and elsewhere, which have contributed to its subscriber losses.

FURTHER READING:

The firm has said it expects its subscriber count to fall by another two million in the three months to July, after dropping by 200,000 earlier this year.

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