Netflix lays off about 150 people due to budget cuts, more will leave in the future

According to IGN, Netflix laid off about 150 employees, or about 2% of its workforce, mainly due to budget cuts and “business needs.”

In an email to Netflix employees, the global head of Netflix announced the layoffs to employees: “These changes are very painful, it’s not about personal performance, it’s mostly about business needs, and no one wants to lose a good colleague.”

“As Netflix continues to prioritize opportunities for non-English content, coupled with additional budgetary constraints due to slowing revenue, we will see more employee departures in the coming months,” the email added. “

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A Netflix spokesperson told IGN US: “Slowing revenue growth means the company’s cost growth has to slow.”

Netflix, which has led the streaming industry in Hollywood for years, announced earlier this year the biggest drop in subscribers ever. Compared with the previous quarter, the number of users decreased by 200,000, and the company expects to reduce the number of users by 2 million in the second quarter.

Not long ago, we also learned that Netflix will launch a cheaper streaming media subscription service with built-in advertising during the year, and at the same time crack down on account sharing, hoping to re-stimulate the growth of users.

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