Connect with us

Breaking News

Subscription-Revenue Decline: Netflix Sacks 150 Staff

Published

on

Netflix suspense movies

Netflix has laid off 150 full-time employees in the United States.

This is a result of a fallout of a significant drop in its revenue. According to reports, the recent retrenchment affects employees across departments in the organization. This includes 70 part-time positions in the animation, social media, and publishing divisions.

At least 26 contractors working on the company’s fan-focused Tudum website, which acts as an addition to Netflix’s content were also affected. Last month, the Tudum subdivision was exclusively impacted by a similar fate, with over 25 roles in the marketing section.

Advertisement

This new decision is coming less than a month after the streaming giant laid off at least ten full-time employees and contractors from its editing and marketing departments. The Netflix management has explained that the choice is unrelated to individual performances. They also said that the laid-off employees will be compensated.

Netflix’s revenue income has been on a decline recently. For the first time in a decade, it disclosed a sharp reduction in subscribers in the first quarter of 2022, with a net loss of 200,000 streaming clients. The business also forecasted a 2 million subscriber drop in the second quarter. On April 20, the company’s worth dropped by $54 billion as a result of this.

Stay updated on techscoops for technology news in Nigeria and across the world

Advertisement
Facebook Comments Box
Continue Reading
Advertisement