The early 2010s are long gone, and Netflix is no longer the dominant streaming service. Due to losses in revenue, stock value, and subscribers, the corporation is in a sorry state. In light of this difficulty, Netflix has recently fired off 300 more staff.
When opposed to earlier years, the streaming sector is currently in a significantly different position. Recently launched services including HBO Max, Disney , Paramount , Discovery , Tubi, Peacock, and others are competing with Netflix for subscribers. The business is beginning to feel the pinch as a result.
NETFLIX SUBSTRATES 300 MORE WORKERS The situation at Netflix’s headquarters isn’t looking good. Due to declining revenues, the company was forced to fire 150 US-based staff earlier this year. Unfortunately, these layoffs were just the beginning; there will be more.
Advertisement Variety claims that 300 additional staff had to leave the streaming company. Despite the fact that this decrease affected several firm divisions, the majority of the jobs lost were in the US. This was eliminated from the company’s approximately 11,000-person staff. This is only a short time after the business confirmed the ad-supported tier.
While maintaining a positive public image, we are aware that turmoil is building behind closed doors. For instance, Netflix is not just shedding workers, but also viewers in droves.
In the first quarter of 2022, the corporation recorded a loss of 200,000 subscribers, but that is just the beginning. Netflix reportedly lost an additional $200,000 during the second quarter, according to sources.
Advertisement These difficulties have caused Netflix’s stock to drastically decline. The company’s shares were worth about $600 at the start of the year; today, they are worth $108.93. That represents a decline of over 70%.
Netflix still intends to spend a lot of money on content this year, despite the fact that this is a significant setback for the business. It anticipates spending $17 billion on content, which is about the same as what it did in 2021.