Netflix has now cut 1,600 jobs in 2022 as the streaming service continues to struggle with declining revenue.
The company cut 300 jobs in its latest round of layoffs last week, which is three percent of its 10,000 staff.
Matt Belloni of Puck News noted in his “What I’m Hearing” email, Netflix stated in its most recent annual report that its full-time staff count as of December 31, 2021, was 11,300, which means Netflix has lost a total of 1,600 staffers, or 14 percent of its workforce so far this year.
This was not Netflix’s first wave of layoffs in 2022.
It lay off 150 people in May.
However, past layoffs would not explain for such a drop in Netflix’s personnel since the beginning of 2022, implying that many more have presumably left the firm on their own and not been replaced.
The present headcount of 9,700 at Netflix is closer to what it will be by the end of 2020.
Netflix stated in its annual report for that year that the company had 9,400 full-time workers as of December 31, 2020. However, it increased in 2021, gaining about 2,000 people throughout the course of the year.
As per Netflix’s annual reports, the following is the number of worldwide full-time employees it had at the end of each of the preceding five years.
Netflix remains the most popular streaming service, with 220 million customers worldwide.
However, it lost 200,000 members in Q1, it’s first in a decade, and expects to lose another two million in Q2.
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It blamed the loss on the economic stresses of the pandemic, as well as password sharing in its Q1 investor letter.
Netflix believes 100 million homes use Netflix using a shared login without paying for the service.
The business also noted increased streaming competition, as new providers like Disney+ and HBO Max have experienced significant subscriber increases.
In response to the slowing growth, Netflix intends to launch an ad-supported plan, something it previously opposed but which the majority of its streaming competitors have accepted.
In addition, it stated in its most recent financial report that it will look for methods to monetize account sharing.
Source: Yahoo News