What you need to know
- Netflix has fired around 150 people in an attempt to reduce expenses.
- A shortfall of 200,000 subscribers was seen in the last quarter.
- Competition from Disney+, Apple TV+, and other streamers has hit Netflix hard of late .
Netflix has reportedly fired around 150 employees, most of them based in the United States, as it works to reduce operational costs.
The mass firings equate to around 2% of the streamer's workforce, according to a Variety report, and comes after revelations that it has been losing subscribers. Netflix saw its subscriber count fall by 200,000 people during the last quarter, causing share prices to fall.
"As we explained [in reporting Q1] earnings, our slowing revenue growth means we are also having to slow our cost growth as a company," a Netflix rep said in an emailed statement. "So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We're working hard to support them through this very difficult transition."
Netflix, once the darling of media, has found itself in a sticky spot of late. Hot competition from the likes of Disney+ and Apple TV+ hasn't helped, while an ever-increasing price has seen customers cull the service in an attempt to save money. The company is readying a cheaper, ad-supported tier in an attempt to pull people back in. Disney+ is also making moves to do something similar, too.
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