Netflix Cuts 300 More Jobs After Subscriptions Fall
As it continues to battle against declining growth and increased competition, online streaming platform, Netflix has announced yet another round of job cuts following a decline in its subscriber base.
This time, Netflix laid off 300 employees, which constitutes about 4% of its workforce mostly in the United States.
This comes after the company laid off 150 employees in May after the company reported its first subscriber loss in more than a decade in April.
Neflix is currently cracking down on password sharing and exploring an ad-supported service 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, 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.
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.
