There’s an earthquake of layoffs at Netflix. While it has 220 million subscribers worldwide and remains the clear leader in the streaming market, Netflix has faced fierce competition in recent years with the launch of rival platforms such as Disney Plus and Amazon Prime Video. The firm laid off 150 employees in May after it announced it had lost 200,000 subscribers last April.
It is expected to drop by 2 million more
In the new statement made by the company officials, it was announced that 300 more people were dismissed, while they expect the number of subscribers to decrease by 2 million by July. “As we continue to invest significantly in the business, we have made these adjustments to increase our costs in line with our slower revenue growth,” the firm said in a statement following the layoffs.
ADVERTISING IS COMING TO NETFLIX
Ted Sarandos, General Manager of Netflix, said that Netflix is negotiating with many companies for new ad partnerships to appeal to affordable audiences. said. (UAV)