Audio By Carbonatix
Netflix has made about 150 staff redundant, a month after the streaming service said it was losing subscribers for the first time in a decade.
The redundancies, announced by the entertainment giant on Tuesday, will mainly affect its US office in California. They account for about 2% of its North American workforce.
Netflix said the job losses were due to the slump in the company's revenue.
The streaming service is battling an exodus of viewers this year.
"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," the company said in a statement.
It wasn't disclosed which parts of the business would see job losses, but the Los Angeles Times reported that recruiting, communications and also the content department were all affected.
Some people also disclosed their job loss online.
unfortunately i, too, was affected by the netflix layoffs today. it was a wild ride and i'm really proud of the work that i did, particularly being part of the @netflixgolden launch, and feel v. lucky i got to work with such brilliant people
— Madelyn Chung 鍾舒華✨ (@madelynchung) May 17, 2022
In April, the streaming giant shocked the industry when it revealed it had lost 200,000 subscribers in the first three months of 2022, and warned another two million were expected to quit in the coming quarter.
The news sparked an investor sell-off, with the firm's stock plunging 35% in one day. It is now trading at $190 (£152), a 46% drop on its previous premium.
While Netflix has 220 million subscribers globally and remains the clear market leader, it has faced fierce competition in recent years with the arrival of competitor platforms such as Disney Plus, HBO, and Amazon's Prime Video.
In its earnings report last month, the company also said the war in Ukraine and the decision to raise its prices in the US had cost it subscribers.
Pulling out of the Russian market alone had cost the service 700,000 members, it revealed.
Along with job losses, the company is also cutting content and pulling back on its own creations. Earlier in May it cancelled development of Pearl, an animated series created by Meghan Markle, in its move to cut costs.
Some analysts say that after a surge in sign-ups during the pandemic, Netflix has run out of easy ways to grow the business.
The company says it's looking at a cheaper, ad-based model and also planning on cracking down on password sharing which has cost it 100 million households.
Netflix is not alone in making job cuts. In recent weeks, a slew of US tech companies from start-ups to big names such as Uber and Twitter have said they are slowing or freezing hiring, or, like online car sales firm Carvana, announced redundancies, citing a downturn.
Latest Stories
-
GPL 2026/27: Medeama go three clear as Hearts of Oak recover and Bechem stage stunning comeback
8 minutes -
Ntiamoah Foundation launches “BEYOND 20” anniversary campaign
27 minutes -
Credit Risk Management Directive: BoG to begin implementation for banks, others from July 1, 2027
45 minutes -
Ghana Brands Awards 2026: Leading brands, business trailblazers to shine on November 20
1 hour -
T-bills auction: Demand improves as government exceeds target by about 76%; interest rates soften
1 hour -
Ziope undertakes initiative to build a technologically inclined community, commissions self-help ICT lab
2 hours -
ECG announces power outage in parts of Tema, Central Region due to network fault, maintenance
2 hours -
When the Gospel Becomes a Weapon: The church, blackmail and the abuse of faith
2 hours -
JoyNews’ Jacqueline Ansomah Yeboah selected for UK Media Excellence for Emerging Technologies Fellowship
3 hours -
Mental Health Alliance urges government to operationalise Mental Health Fund
3 hours -
Ghana–Holy See agreement heads to Parliament after Cabinet approval
3 hours -
Luv FM Corporate Games 2026: Kumasi Central Prisons, Amanfiman Bank win big amid fun
3 hours -
WAFU B U17: Ghana top Group A after win over Togo
4 hours -
Ho Central Mosque reopens amid unresolved leadership dispute that led to closure
5 hours -
Minority caucus questions GH¢16.4m in Ablakwa’s SA evacuation spending, demands independent audit
5 hours