Netflix Reportedly Lays Off 150 Employees Amid Huge Subscriber Loss

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Netflix is ​​said to have laid off around 150 employees across the company.

According to a CNBC reported Tuesday, laid-off positions represent less than 2% of the streaming platform’s 11,000 employees.

Most cuts are in the United States. Daily Hive has contacted Netflix Canada for confirmation of the layoffs in the country.

“As we explained on earnings, our slowing revenue growth means we also need to slow our cost growth as a business,” a Netflix spokesperson told CNBC.

“So, unfortunately, we are laying off approximately 150 employees today, mostly based in the United States. These changes are primarily driven by business needs rather than individual performance, which makes them particularly difficult because none between us means saying goodbye to such wonderful colleagues.

This news comes just a month after the streamer announced that it lost 200,000 subscribers in its first quarter, the first decline in subscriptions in over 10 years.

According to Netflix, it had 221.84 million subscribers at the end of 2021. Between January and March, the company says its subscriptions fell to 221.64 million, despite the debut of heavy shows and movies like Bridgerton’sseason 2 and The Adam Project. And it expects to lose another two million paying users in the second quarter.

The company plans to win back subscribers by improving the quality of its programming and recommendations, piloting a new subscription model targeting sneaky password sharing, and may also offer a cheaper subscription with advertisements. Like Disney+.

This may be a welcome announcement for people, as the company increased its subscription prices in March.

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