Netflix is Laying Off 150 Employees

Sourced from the Motely Fool.

According to news that was first published by Variety, Netflix is laying off 150 employees including contractors, after an unsatisfying revenue report.

An unnamed source also confirmed to The Verge that the cuts include at least 26 contractors working on the company’s fan-focused Tudum website, which serves as a supplement to Netflix’s content.

According to the reports, 26 workers were informed about the news on Tuesday via a mass email which Netflix spokesperson Erika Masonhall said was sent by the contracting company.

The giant streaming company says that most workers who have been affected by the layoffs are based in the US.

“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based,” Masonhall said.

“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. We’re working hard to support them through this very difficult transition,” she added.

Masonhall says that they are grateful for the contribution that some of the affected agency contractors have added to the company.

In the last quarter, the company lost 200,000 subscribers for the first time in a decade. The Verge says that the company expects to lose an additional 2 million in the next quarter.

The streaming company also sent out news recently that it will be adding a cheaper plan that supports advertisements on its streaming platform to crack down on password-sharing.


By Zintle Nkohla 

Follow Zintle Nkohla on Twitter

Follow IT News Africa on Twitter