NETFLIX Kicks out Its employees due to Fin Constraints

 

Leading streaming service Netflix has announced that it is laying off 300 more employees due to falling subscriptions and increasing competition

After laying-off 150 employees in May last month, Netflix said it would lay off another 300, representing about 4% of the workforce in the United States.

In April of this year, the number of Netflix subscribers dropped for the first time in almost a decade. As a result, Netflix laid off about 150 employees in May.

Netflix is ​​now considering adding ads to its service and cracking down on password sharing to increase the number of users.

"We continue to make significant investments in the business," Netflix said in a statement. However, we have made this decision because our revenue growth is slow and our spending is growing faster than that.

Although Netflix has 220 million subscribers worldwide and is at the forefront of the online streaming market, it has faced stiff competition in recent years due to the launch of rival platforms such as Disney Plus and Amazon's Prime Video. 

Recently, Netflix also began to increase subscription charges in the United States, the United Kingdom, and elsewhere, resulting in a decrease in the number of subscribers.

Netflix fears that the number of subscribers could drop by another 2 million by July, down from 200,000 earlier this year.

According to a survey by Canter Research Firm, the first reason consumers cancel their streaming service is to save money.

At a conference in Cannes, the company's co-CEO, Ted Serendous, said Netflix was in talks with several companies about advertising partnerships.

"We are not running ads on Netflix for all users, but only for those users who wish to receive Netflix services, including advertising, for a low subscription fee," he said.