Netflix lays off 150 Workers as it Faces Stalled Growth

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Netflix lays off 150 Workers as it Faces Stalled Growth
20 May 2022
4 min read

News Synopsis

Netflix is ​​exacerbating the problem as it rapidly loses long-standing subscribers who have been using streaming services for more than three years, with slowing growth as revenues decline.

According to a research report from The Information, new data shows that people who have subscribed to Netflix for more than three years accounted for 13% of unsubscribes in the first quarter of this year.

The data shows that the overall cancellations reached 3.6 million people in the first quarter this year, recording a massive jump from 2.5 million cancellations in the past five quarters. New accounts make up for a smaller share after the cancellations. It is another issue for the streaming platform that is struggling to retain users for longer periods of time.

The company said, “These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues.”

Netflix laid off several experienced journalists and writers from its entertainment site Tudum last month. Tudum was launched in December last year. The streaming platform is planning several new services to brighten up its future aspects, which include ad-supported content and live streaming upcoming late of unscripted shows and comedy specials

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