Netflix spokesperson said
Layoffs make up about 2 percent of Netflix’s US workforce. “As we explained [Q1 की रिपोर्टिंग में] Earnings, our slow revenue growth means that we as a company will also have to slow down our cost growth. It is therefore sad that we are laying off approximately 150 employees today, most of whom are US-based,” a Netflix spokesperson said. The statement further revealed that the decision was primarily driven by business needs rather than individual performance. Netflix reported $7.87 billion in Q1, lower than Wall Street’s estimate of $7.93 billion.
Netflix lost over 2 million subscribers
The report further revealed that around 70 part-time employees at Netflix’s animation studio will have to pack up. A report in The Verge said that about 26 contractors working on Netflix’s fan-focused Tudum website could be terminated. We are grateful for their contribution to Netflix,” the company said.
Netflix revealed in its recent earnings call that it has lost over 2 lakh subscribers, a first for the company in a decade. The company is expected to lose an additional $2 million in the next quarter due to the ongoing war between Russia and Ukraine. Netflix has stopped broadcasting in Russia after the country’s invasion of Ukraine.
Netflix will soon claim to be back again
The US based streaming service is working on finding solutions to get back on track. It was revealed later this year that a new ad-supported subscription tier (Ad-Supported Subscription Tier) is about to be launched. Netflix to boost subscriber growth share password Even after doing it, it is also working on cracking down.
However, in the Asia Pacific region, Netflix saw much better results. Netflix added 1.09 million subscribers to the region during the quarter, helping it generate $917 million in revenue. Netflix has not been able to achieve its best business figures in India. This happened because of Expensive Subscription Plans, Less Local Content, etc. as compared to the rivals. Netflix is also tying up with Indian artistes to release shows and movies on its platforms.