June 24, 2022
Netflix has announced its decision to cut 300 more jobs as it grapples with slowing growth and stiff competition.
The 300 staff make up 4% of Netflix’s workforce, mainly in the U.S. and will supplement the 150 redundancies made in May.
“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 will continue to hire in other areas.
Netflix is determined to get back on track after losing its first set of subscribers in more than a decade in April, and to achieve its goal, it is introducing new policies, including an ad-supported service and a crackdown on password sharing.
On Thursday, Netflix co-chief executive Ted Sarandos said the company was in talks with many companies exploring new advertising partnerships to appeal to price-sensitive audiences.
“We’re not adding ads to Netflix as you know it today. We’re adding an ad tier for folks who say ‘Hey, I want a lower price, and I’ll watch ads,” Sarandos said.
The sources for this piece include an article in BBC.
