Netflix is ​​laying off 150 employees amid slow revenue growth

The streaming giant Netflix has laid off nearly 150 employees, primarily in the U.S. as it suffers from slow user growth amid a suspension of paid subscriptions. Several upscale creative professionals from his original vertical series, such as Sebastian Gibbs and Negin Salmassi, have been invited, TechCrunch reports. “As we explained in terms of revenue, our slowdown in revenue growth means we also need to slow down cost growth as a company. Unfortunately, today we are laying off about 150 employees, mostly from the United States, ”a Netflix spokesman was quoted as saying late Tuesday.

“These changes are primarily driven by business needs, not individual productivity, which makes them particularly difficult, as none of us wants to say goodbye to such wonderful colleagues,” the spokesman added. Netflix its shares fell 20 percent after it reported the loss of 2 lakhs of paid subscribers in the first quarter of 2022, the first loss of subscribers in more than a decade.

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Moreover, he now forecasts a global loss of paid subscribers of 20 lakhs in April-June (2nd quarter). Last month, Netflix fired several experienced journalists and writers working on its entertainment site Tudum, which it launched just last December. Netflix has hired experienced entertainment journalists from publications including Vice, Bustle and others. Most of Tudum’s team on culture and trends has reportedly been fired.

The company also told its employees that if they disagree with its contents, they could leave the streaming giant, and the move got a thumbs up from Tesla CEO Ilona Maska. “Depending on your role, you may need to work on titles that you find harmful. If you find it difficult to support our content, Netflix may not be the best place for you, ”the company said.

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