Netflix Lays Off 300 More Employees After Losing Subscribers
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Netflix Lays Off 300 More Employees After Losing Subscribers
Netflix Lays Off 300 More Employees , After Losing Subscribers.
Netflix Lays Off 300 More Employees , After Losing Subscribers.
A company spokesperson confirmed
the layoffs to CNN on June 23.
While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth.
, Netflix spokesperson, to CNN.
We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition, Netflix spokesperson, to CNN.
Mostly occurring in the U.S., the layoffs impact close to 3% of the streamer's workforce.
.
CNN reports that in April, Netflix revealed its number of subscribers decreased for the
first time in over 10 years.
Investors responded to the announcement, wiping billions from Netflix's market value.
So far this year, Netflix's stock
has dropped about 70%.
In May, Netflix laid off 150 employees
due to "slowing revenue growth.".
As we explained
[in reporting Q1]
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 U.S.-based, Netflix, via May 2022 statement.
CNN reports that the company is considering new tactics to get business back on track.
Including a lower-priced ad tier and
cracking down on password sharing
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Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix released a Q1 earnings report on April 18, indicating that its number of subscribers jumped 16% year-over-year to reach 269.6 million.
Analysts only expected the streamer to have about 264.2 million subscribers, CNBC reports. .
The company also brought in $9.37 billion in revenue versus analysts' expectations of $9.28 billion. .
However, Netflix said that its membership numbers are no longer the main factor contributing to the company's growth.
As a result, the company will stop providing "quarterly membership numbers or average revenue per user" beginning in 2025, CNBC reports. .
Instead, it will divulge "major subscriber milestones as we cross them.".
Price hikes, terminating password sharing
and offering an ad-supported tier are all tactics that have boosted revenue.
Netflix is also seeking to gain traction within the video game space and recently partnered with TKO Group Holdings to offer WWE on the platform.
We’re in the very early days of
developing our live programming and
I would look at this as an expansion of
the types of content we offer, the way
we expanded to film and unscripted and
animation and most recently games, Ted Sarandos, co-CEO of Netflix, via earnings call.
We believe that these kind of event cultural
moments like the Jake Paul and Mike Tyson
fight are just that kind of television, and we
want to be part of winning over those
moments with our members as well, so that
for me is the excitement part of this, Ted Sarandos, co-CEO of Netflix, via earnings call.
As of the morning of April 18,
Netflix's stock was up 27%
Credit: Wibbitz Top Stories Duration: 01:30Published
Harry and Meghan , Are Bringing 2 New Shows to Netflix.
Harry and Meghan , Are Bringing 2 New Shows to Netflix.
NBC reports that Prince Harry and his wife,
Meghan, have announced a new partnership between
their Archewell Productions company and Netflix.
NBC reports that Prince Harry and his wife,
Meghan, have announced a new partnership between
their Archewell Productions company and Netflix.
The Duke and Duchess of Sussex
will produce two separate TV shows
about cooking and polo.
According to a press release
from Archewell, both shows are
still in an early stage of production.
The press release added that titles
and release dates will be revealed , "in the coming months.".
According to the press release,
the first of the two new shows will , "celebrate the joys of cooking and
gardening, entertaining and friendship.".
The second series will reportedly
center on the world of polo, a sport
associated with aristocratic British culture. .
Known primarily for its aesthetic
and social scene, the series will
pull the curtain back on the grit
and passion of the sport,
capturing players and all it takes
to compete at the highest level, Archewell Productions press release, via NBC.
Known primarily for its aesthetic
and social scene, the series will
pull the curtain back on the grit
and passion of the sport,
capturing players and all it takes
to compete at the highest level, Archewell Productions press release, via NBC.
The upcoming shows are part of
a multi-year deal that Archewell
signed with Netflix after forming in 2020. .
In 2022, the couple released a documentary series
on Netflix which centered on Harry's rift with senior
royals and his departure from official royal duties.
In 2023, Harry's memoir, 'Spare,'
detailing his perspective on his bitter split
with the royal family, became a bestseller.
Credit: Wibbitz Top Stories Duration: 01:30Published
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