Downfall of Netflix subscriptions results in the company laying off employees 

Downfall of Netflix subscriptions results in the company laying off employees 

June 25, 2022 0

What happened: Recently, the subscriptions of Netflix accounts have seen a downtrend. As a publication quotes, “Netflix has announced another round of job cuts as it grapples with slowing growth and increased competition.” Netflix has also stated that they are cutting 300 more jobs, which means that 4% of their workforce would be cut, “mostly in the US, after axing 150 people in May.” 

Details: On the other hand, Netflix, in a statement, has said, “While we continue to invest significantly in the business, we made these adjustments so that our business costs are growing in line with our slower revenue growth.” It is pertinent to mention that Netflix has 220 million subscribers globally and remains the “clean 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.” 

Rana Abdullah Hammad
Rana Abdullah Hammad
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