Netflix lays off an additional 300 employees in new round of job cuts
Popular video streaming platform, Netflix has once again shown the exit door to an additional 300 employees in the second round of layoffs
According to Variety, the cuts are across multiple business functions in the company, with the bulk of the jobs lost in the US.
The cuts amounted to about 4% of the streaming giant’s workforce with US employees affected the most. This came after the company cut 150 jobs last month.
“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.
Back in February, Netflix said it had lost 200,000 subscribers globally at the start of 2022, and projected a decline of 2 million users in the upcoming quarter.
The company blamed the drop on a range of factors, including increased competition, the economy, the war in Ukraine, and the large number of people who share their accounts with non-paying households.
A spokesman for Netflix said its diverse, audience-focused channels such as Con Todo and Strong Black Lead are a priority for the company and that they are “investing heavily in them”.
“We’re committed to inclusion on-screen, behind the camera and in our workforce,” he said. “We are making changes to how we support our publishing efforts, including bringing some of this important work in-house.”
To offset subscriber losses, Netflix is also considering adding advertising to the service in return for a lower-priced subscription in addition to cutting costs, a move it had long resisted.
On Thursday, June 23, Netflix’s chief executive Ted Sarandos said the company is in talks with several companies for advertising partnerships.
Media reports from earlier this week said it was in discussions with Alphabet’s Google and Comcast’s NBCUniversal for potential marketing tie-ups.
“We’re talking to all of them right now,” Sarandos said at the Cannes Lions conference when asked which company Netflix was looking to partner with.