Netflix Lays Off 300 More Employees as Subscriptions Fall

Netflix has announced that it is laying off more employees as subscriptions continue to fall.

“While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth,” a company spokesperson told CNN.

“We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”

The layoffs targeting most of the company’s US employees will affect at least 3 percent of Netflix’s workforce of 11,000 employees.

Read: Netflix to help Produce Three Local Movies, Invest Sh33 million to Support Kenya’s Movies Industry

Netflix laid off 150 employees in May after the company reported that it had started losing subscribers in April this year.

To mitigate the issue, the video-streaming company decided to enhance its offering by introducing more original titles and giving users more suggestions.

The company also launched a crackdown on password-sharing through an experiment that will see users pay a fee for every additional user on their accounts.

Netflix has been a market leader, commanding a strong subscriber base of up to 220 million globally. The company has however faced increased competition from other players in the market including Amazon, Disney, Hulu and HBO.

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