Netflix lays off 300 employees
With falling subscriber growth and declining share price, Netflix has yet again laid off 300 employees on Thursday. This is the second consecutive month the streaming giant has let go of its employees. Netflix said in a statement, "Today we sadly let go of around 300 employees. 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."
Last month Netflix laid off 150 employees, including staff at Tudum, which was part of the company's marketing team. The company had announced in April that it had lost 200,000 subscribers and was anticipating losing another 2 million in the second quarter of this year. Netflix has a total of around 222 million subscribers. Meanwhile, the company's stock price which had fallen about 70% this year, was slightly lower on Thursday.
To fight the company's financial struggles, Netflix said it would introduce a lower-price subscription tier that includes advertising. This decision has been a significant strategic pivot for the company, which had rejected adopting ads for years. Experts say this could also cannibalize Netflix’s existing user base, with current subscribers trading down for a lower-priced tier.
Source: The New York Times
Category
Disability Benefits
Religious Accomodations
Employee Data Privacy
Employment Law & Compliance
Records & Reports
Labor Relations
Termination
Disability Accomodations
Overtime Pay
Time Worked
Privacy
Dependent Benefits
Talent Acquisition
Employee Resource Groups
Pay Equity
Employment Offers
Workplace Wellness
Employment Contracts
Inclusion, Equity & Diversity
Inclusion, Equity &
Business Continuity
Global Mindset
Succession Planning
Organization & Employee Development
Work Visas
Whistleblowing
Communication
Organizational Structure
Benefits Compliance
Retirement & Recognitions
Emergency Response
Workplace Harassment
Consultation
Disaster Preparation & Response
Fiduciary Duty
Analytical Aptitude
Opening & Closing
Employee Handbooks
Promotion
Employee Surveys
Overtime Eligibility &
Social Media
Educational Assistance
Work Life Integration
Environmental Health Hazards
Campus Placement
Benefits Reporting & Disclosure
Hiring & Firing
Workers' Compensation
Contemporary Issues
Tags
Article
With Remote Working Being the New Norm, How to Hire the Best remote Workers
Before the advent of the COVID-19 pandemic, about 7 million people in the US alone were working rem ...
This Thanksgiving - Give Thanks To All These People
This Thanksgiving is going to be different, no doubt! But it need not be different in a negative se ...
Tips To Help You Create A Robust Hiring Strategy For 2021
While employment is steadily rising in all sectors, the fear of COVID-19 still reigns supreme. As t ...
Gig Economy and Its Impact on Staffing Firms
With over 20.5 million US workers losing their jobs in April 2020 during the national lockdown, man ...
Comments