Last month, we learned that the international expensive streaming service Netflix had been facing low subscriptions, and as a result, the company fell into a great loss. Now, due to these circumstances, the streaming giant has dismissed nearly 150 employees, especially in the United States. Excellent creative professionals from its original series, Negin Salmasi, and Sebastian Gibbs have been asked to walk out from the company.
One of the officials of Netflix said, “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based.” After Reporting a loss of 2 lakh paid subscribers in the first quarter of this year, Netflix saw its stock depreciation by 20%. However, this is the first subscriber loss in over a decade.
For the ongoing second quarter, it now predicts a global paid subscriber loss of 20 lakh. In the previous month, the company laid off several professional journalists and writers working for its entertainment site Tudum which was set out at the end of 2021. The company had appointed experienced entertainment journalists from publications including Vice, Bustle, and others.
Netflix officials said to its staff that they can leave the streaming giant if they are not satisfied with its context. They said that they might be required to work on titles they consider to be harmful, according to their role. If they’d find it difficult to support their content breadth, Netflix may not be the suitable platform for them.