Technology News: Netflix has lost around 200,000 subscribers globally for the first time in more than a decade. Netflix fired 300 employees in the second (2nd) round of job cuts after the platform lost its millions of subscribers.
Netflix also fired some contract workers to balance its marketing budget. Previously, the company terminated 150 employees to reduce its costs, which largely affected the workforce in the US.
The reason for the loss of subscribers has been said that during the war in Ukraine, a large number of people shared their accounts with non-paying households.
Netflix is also considering adding the advertising to the service in return for a lower-priced subscription, meanwhile, if someone wants a lower price subscription then they will have to watch ads.
The platform says that more rounds of termination or lays off would be seen in upcoming this year following that first group, the company tries to adjust for its heavily weakened stock price.
A Netflix Spokesperson says that we sadly let go of our 300 employees, which we continue to invest in, and have made these adjustments so that our costs are growing in line with our slower revenue growth. Also said that we are appreciating everyone and we are so grateful for everything they have done for Netflix, and for working hard to support Netflix during this tough situation.
Netflix has competitors such as Disney’s Disney+, Comcast’s Peacock, Paramount Global’s Paramount+, and Warner Bros. Discovery’s HBO Max and more new platforms for customers to choose from, the continuously increased pressure on Netflix to attract or retain subscribers.