Netflix cuts 150 workers of their staff in the US after the streaming service announces its great loss of subscribers.
The company claimed that the job loss was driven by a significant decrease in revenue.
The Los Angeles Times said that the recruiting, communications, and content department would be affected by these cuts.
In April, Netflix revealed that it had lost 200,000 subscribers during the first three months of 2022. It is expecting another two million in losses in the upcoming three months.
In the past couple of years, Netflix has faced competition from other platforms, including Disney Plus, Amazon’s Prime Video, and HBO, for popularity. However, it remains the obvious market leader, with 220 million global subscribers.
During the war between Russia and Ukraine, Netflix decided to pull out of the Russian market, costing them 700,000 subscribers.
“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,” said Netflix.
Natalie Shomali, Staff Reporter, The Pawprint