The surging global inflation and economic crisis have also affected the video streaming giant Netflix. The company has laid off four per cent of its employees, firing over 300 people. The decision was taken due to a continuous decline in their subscribers.
There are several reasons why Netflix has lost a huge viewership. Despite being once such a popular movie & show streaming platform, Netflix lost over 200,000 subscribers in 2022. The condition is set to worsen in July as two million people are likely to unsubscribe.
Netflix has faced major competition as every other media house now has its own streaming platform. Many media companies have also withdrawn their content from Netflix. Moreover, it hiked prices in US and Canada have also backfired.
The account-sharing service has also slowed its growth as 100 million households across the world are using Netflix for free.
Earlier in April, Netflix had fired 150 employees. A large portion of affected employees belongs from the United States. A spokesperson from the streaming platform said that the decision was taken to cope with rising costs and slow revenue growth.
He added that the company appreciates the effort of employees and would support them in the transition period.