Netflix cuts 300 more layoffs

Newshub18 :Netflix cuts 300 more layoffs.

Netflix, a US-based video streaming platform and production company, has announced it will lay off 300 more employees. For the first time in the last decade, the number of subscribers has decreased. Due to this, the company laid off 150 workers in May. This time the company announced the retrenchment of 300 more workers.
According to a report by BBC Online, Netflix announced in a statement on Thursday that it was cutting 300 employees to reduce the number of subscribers. The staff was fired from the company’s U.S. office.

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This number is only 4 percent of the workers working in North America. However, Netflix has not revealed from which department the employees are being laid off.Netflix said in a statement, “Even though we have continued to invest in the business, we have to lay off staff due to declining revenue.” However, recruitment in other areas is also continuing.

“Netflix has negotiated with a number of organizations for advertising partnerships,” Ted Sarandos, the company’s chief executive, told a news conference in Cannes on Thursday. We will not actually add ads to Netflix. This ad will only be used for those who want to watch Netflix with low cost ads. ‘

According to the report, Netflix has 22 crore subscribers worldwide. The company was at the top of the streaming platforms with so many subscribers. However, in recent years, Disney Plus, Amazon Prime Video and several other streaming platforms have come to the market, Netflix has faced extreme competition. And in the first three months of this year, the number of customers of the company is also declining.
Netflix lost two lakh subscribers in the first three months of this year. Not only that, the streaming service is expected to lose another 2 million subscribers by June.

The company raises prices in key markets, including the United States and the United Kingdom. Netflix says it has lost seven million subscribers due to the shutdown in Russia.
Earlier, in addition to retrenching 150 employees, the company also cut its own content. To cut costs, Megan Merkel has canceled the development of the next series of the animated series ‘Pearl’.

In a letter to shareholders on April 19, Netflix feared that the number of subscribers could drop by another 2 million in the next three months from May to July. In such cases, the authorities indicate restrictions on the use of the same account by sharing passwords. They will monitor the signup of new members with importance.

According to Netflix, more than 100 million users are breaking the rules by exchanging passwords. They are also thinking of showing advertisements to make up for this loss. Reed Hastings, co-founder of Netflix, said: Now we will do it very strictly. ‘

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