Netflix has let go of 150 employees as a response that its number of subscribers has dropped for the first time in ten years. This happened only one month after the company announced that its number of subscribers had gone down. On the service for streaming Tuesday, many employees were let go. Most of them worked in the California office of the company, which is in the United States. They make up about 2% of the company’s North American employees. Netflix said that the decision to let some staff go was made because its income was going down, which led to people losing their jobs.
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This year, the number of people who subscribe to the streaming service has been going down. The company said in a public statement that it is hard to say goodbye to “such great colleagues” because “these changes are usually made because of business needs rather than individual performance.” This is why it is hard to say goodbye to “such great coworkers.” According to the Los Angeles Times, the recruitment, communications, and content departments will be affected. However, the paper didn’t say if other parts of the company might also lose jobs.
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The business world was shocked when Netflix said in April that it had lost 200,000 subscribers in the first three months of 2022. Netflix also said that two million more customers would stop using the service in the next three months, which shocked the business world even more.
The news made investors want to sell their shares, which caused the price of the company’s stock to drop by 35% in just one day. It can now be bought for $190 (or £152), 46 percent less than what it cost before. The company’s falling number of members was a direct cause of a 35 percent drop in the price of Netflix shares.
Is The Amount Of Time We Spend On Netflix Getting Out Of Hand?
Even though Netflix is the most popular streaming service globally, it has had to deal with a lot of competition from newer services like Disney+, HBO, and Amazon Prime Video in recent years. Even though Netflix is the most-used streaming service globally, this is the case. The company has lost customers over the last month because it raised prices and because the conflict in Ukraine is still going on. Based on the company’s information, it seems that leaving the Russian market was the only thing that led directly to the loss of 700,000 subscribers.
As part of its efforts to cut costs, the business is getting rid of jobs and cutting the amount of material it makes and the amount of money it spends. The TV network has decided to stop making the animated show Pearl, which Meghan Markle was in charge of. To save money, this choice was made. The cancellation went into effect at the beginning of this month. Due to the recent outbreak, Netflix has gained a lot of new subscribers. This has led some experts to think that the company has used up all of its easiest ways to grow its business.
The company is thinking about switching to a less expensive strategy that relies on ads. Also, the company wants to stop the practice of exchanging passwords, which has caused the company to lose many hundreds of millions of dollars.
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