Jun 23, 2022

Netflix cuts 300 more jobs after subscriptions fall

Netflix has announced another round of job cuts as it grapples with slowing growth and increased competition. "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 said in a statement on Thursday, adding that it was continuing to hire in other areas. While Netflix has 220 million subscribers globally and remains the clear leader in the streaming market, it has faced fierce competition in recent years with the launch of rival platforms such as Disney Plus and Amazon's Prime Video. "We're not adding ads to Netflix as you know it today. We're adding an ad tier for folks who say 'Hey, I want a lower price and I'll watch ads'," Mr Sarandos said at Cannes Lions. The job cuts at Netflix come amid rising worries in the US that the labour market boom the country has enjoyed since the pandemic is coming to an end.

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