The streaming giant has announced that it would be cutting 300 more jobs, a rough estimation of 4% of its employed force. This cut would be happening mostly in the US, after about 150 people lost their jobs at the company back in May. The unfortunate move comes after the company confessed to its first subscriber loss in more than ten years, in April.
The streaming firm has declared that it was exploring an ad-supported service and restricting password sharing on the platform as it aims to increase growth. In a statement on Thursday, Netflix has said that it would continue to hire employees in other areas while adjustments were made in some to match and deal with their delayed revenue growth.
Currently, Netflix rakes in about 220 million subscribers worldwide and is the obvious leader in the streaming market. However, it has had to battle with strong competitors in recent years with the debut of rival streaming services like Disney Plus and Amazon’s Prime Video. The company also lately embarked on increasing the price of its service in the US, UK and other countries, which largely contributed to the loss of its subscribers.
The enterprise has additionally disclosed that it estimates its subscribers to reduce to about two million in the three months preceding July, after decreasing by 200,000 earlier this year.