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Netflix’s shocking move facing the dwindling subscriber, 150 employees fired

Netflix’s shocking move facing the dwindling subscriber, 150 employees fired


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oi-Love Gaur

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Published: Wednesday, May 18, 2022, 16:27 [IST]

New Delhi, May 18: Netflix, which is facing the brunt of the ever-decreasing subscription, has taken a tough step and fired 150 employees from the company. OTT platform giant Netflix has reportedly laid off around 150 employees, mainly in the USA office. Actually, the company is struggling with slow growth amid stalled paid subscriptions, after which the company has taken this decision.

According to a TechCrunch report, several highly creative professionals from Netflix’s original series vertical such as Negin Salmasi and Sebastian Gibbs were also asked to leave, as the company could not afford them due to low revenues.

A Netflix spokesperson said that as we spoke about earnings, our slow revenue growth meant that we were also slowing our cost growth as a company. So sadly we are laying off about 150 employees today, mostly US based. He further added that these changes are primarily driven by business needs rather than personal performance, which makes them particularly difficult as none of us want to say goodbye to such fine colleagues.

Recently OTT giant Netflix reportedly saw its stock fall 20 per cent and the company had reported a loss of 2 lakh paid subscribers in the first quarter of the year, which is said to be the first subscriber loss in a decade. Further, it is estimated that it is expected to lose two million global paid subscribers in the April-June quarter. It is known that in the month of April, Netflix also fired several veteran writers and journalists who were working for its entertainment site, which was launched in December 2021 only.

Story first published: Wednesday, May 18, 2022, 16:27 [IST]



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