The ‘tudumm’ sound that is released every time I start a movie on the Netflix application is still ringing in my ears, but maybe after this it will not be there anymore.
Since the report of a reduction in the number of users, the US streaming company has been seen facing various problems from falling shares to plans to insert ads to cover costs.
Most recently, Netflix has acted to lay off or ‘lay off’ as many as 150 employees, representing 2% of the company’s workforce in the U.S. and Canada.
The move is believed to have been taken to cut costs despite the company's relatively slow growth since its share market value dropped $ 40 billion in April.
According to the company’s official statement, the decision was taken based on business needs and not based on individual performance in the company.
He added that Netflix will work hard to support retrenched employees in facing these difficult times together.
This is not the first time Netflix has laid off its employees, where previously the company has terminated employee services on Tudum which is a website that acts to promote their movies and TV shows.
It is common knowledge that since the Covid-19 embargo was lifted and the war broke out in Ukraine, the situation has worsened for Netflix.
In addition, increased competition has also forced companies to restructure by introducing advertising support on their services as well as laying off employees.
Netflix CEO Spencer Neumann said they are doing their best in terms of pulling back some spending growth to reflect the reality of the company’s business revenue growth.
