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Netflix lays off 150 employees after subscriber loss

Netflix has been having a hard time coping with a massive subscriber exodus since the beginning of this year. Now, the streaming service has laid off nearly 150 employees just a month after the streaming service lost too many subscribers for the first time in a decade. 

According to Netflix, the plummeting stock prices and loss of subscribers led to a fall in revenue, prompting job cuts. Netflix accounts for nearly two per cent of the North American workforce. Most of the layoffs have affected their headquarters in California, USA. 

The company released a statement saying, “These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us wants to say goodbye to such great colleagues.”

While Netflix did not reveal the departments that were most affected, the Los Angeles Times reported that the communications, recruiting and content departments were the ones affected. Some such employees took to Twitter to announce the same. 

Netflix has had a pretty bad year. After increasing the subscription price in the United States the United Kingdom, Ireland, Canada and Australia, the streamer began to rapidly lose subscribers. 

Nearly 200,000 subscribers left in the first few months of 2022 and another two million are estimated to leave in the new quarter. 

Stock prices have dropped to an unimaginable low compelling the streaming service to cut down on their expenditure by cancelling various projects, including Meghan Markle’s animated series Pearl, and several other animated projects. 

Currently, the streamer is secretly previewing titles to a select panel of members ahead of their global release to receive constructive feedback about the same.