NETFLIX SLASHES 150 EMPLOYEES IN UNITED STATES DUE TO DROP IN MEMBERSHIP NUMBERS

May 18, 2022

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By Adeniyi Onaara

Following a 200k subscription drop last month, Netflix has revealed its continued financial difficulties.

In a move to control revenue following its current financial problem, the firm let off approximately 150 employees in its California location on Tuesday.

“These adjustments are generally motivated by business needs rather than individual performance,” the firm said in a statement. “This makes them extremely difficult because none of us want to say goodbye to such outstanding colleagues.”

Recruiting, communications, and the content department are among the areas affected, according to the Los Angeles Times.

Netflix’s nearly 200 million global members were impacted hard this year, with the corporation blaming the conflict in Ukraine.

The loss of the Russian market is being blamed on password sharing.

According to the article, the streamer’s exit from the Russian market cost them 700,000 customers. Password sharing, on the other hand, is believed to have cost 100 million families worldwide.

In addition to plans to launch cheaper ad-based subscriptions, Netflix has canceled a number of upcoming projects, including Meghan Markle’s animated comedy “Pearl.”