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Netflix surprises the staff, lays off 150 employees

Netflix has been witnessing the loss of subscriptions and this made the streaming giant lay off around 150 employees from the company recently.

Saumya Nigam Edited by: Saumya Nigam Noida Published on: May 18, 2022 11:52 IST
Netflix, 150 employees
Image Source : NETFLIX

Netflix surprises the staff lays off 150 employees 

Netflix, the streaming giant has reportedly laid off around 150 employees from the company, primarily based in the USA office. The company has been suffering from slow growth amid stalled paid subscriptions.

TechCrunch reported that several highly creative professionals from Netflix's original series vertical like Negin Salmasi and Sebastian Gibbs were also asked to go as the company could not afford them because of the low revenue.

The spokesperson of Netflix made a statement and said: "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."

He further added: "These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us wants to say goodbye to such great colleagues."

Recently the OTT giant Netflix reportedly saw its stock tumbling by 20 per cent and the company reported a loss of 2 lakh paid subscribers in the first quarter of the year, which is said to be the first subscriber loss in over a decade.

Furthermore, it is predicted that the global paid subscriber loss of 20 lakh for the April-June quarter (Q2).

In the month of April, Netflix also laid off several experienced writers and journalists who were working for its entertainment site which got launched in December 2021 only. The report states that Netflix fired most of the Tudum culture and trends team, which hired experienced entertainment journalists from publications including Bustle, Vice and more. 

The company has also told its employees that if they do not agree with its content, they can leave the streaming giant, a move that received a thumbs up from Tesla CEO Elon Musk.

"Depending on your role, you may need to work on titles you perceive to be harmful. If you'd find it hard to support our content breadth, Netflix may not be the best place for you," the company said.​Inputs from IANS