Netflix is effecting another round of layoffs, several weeks after firing 150 employees, citing continued loss of revenue.
The streaming platform has been walking a rough path for months as other players take a slice of a market that the firm has dominated for over a decade. In April, Netflix said that it had lost about 200,000 subscribers in the first quarter of 2022. Further two million subscribers were projected to drop subscriptions in the second quarter of the year.
Netflix spokesperson Bao Nguyen said that new changes would help the company align with the revenue losses.
“Today we sadly let go of around 300 employees,” Nguyen said. “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.”
In previous statements, Netflix cited a myriad of factors as contributors to its diminishing growth in revenue. The company blamed increased competition, slow economic growth, the war in Ukraine and accounts sharing as factors that led to huge losses.
The new layoffs mainly affect the company’s workforce in the United States, just as it were with the previous layoffs.
As part of getting back to profitability, Netflix is considering adding advertising to the service, where users would in return pay lower subscription rates. The giant streaming company has long resisted this approach, but, as competition rises, it is now contemplating walking the path.