Netflix introduced on Thursday it laid off 300 workers in a second spherical of job cuts after dropping subscribers for the primary time in additional than a decade.
The cuts amounted to about 4% of the streaming big’s workforce, and principally affected US workers. They got here after the corporate reduce 150 jobs final month.
“Whereas we proceed to take a position considerably within the enterprise, we made these changes in order that our prices are rising in keeping with our slower income progress,” Netflix mentioned in an announcement.
Netflix mentioned in February it had misplaced 200,000 subscribers globally at the beginning of 2022, and projected a decline of two million customers within the upcoming quarter.
The corporate blamed the drop on a spread of things, together with elevated competitors, the financial system, the conflict in Ukraine, and the big quantity of people that share their accounts with non-paying households.
Final month’s layoffs additionally principally affected the corporate’s US workforce. Advocates and former workers mentioned on the time the cuts included many workers from underrepresented teams, and that the corporate appeared to even be pulling again on a few of the various content material it had funded within the years for the reason that dying of George Floyd.
“Almost everybody I see on LinkedIn posting about being laid off labored on range, fairness, and inclusion throughout the corporate,” former Netflix employee Evette Dionne tweeted at the time. “These should not the one folks being laid off, however they comprise too lots of the 150 for it to be coincidence.”
The corporate has denied these experiences. It didn’t instantly reply to the Guardian’s request for touch upon Thursday.
To offset subscriber losses, Netflix can be contemplating including promoting to the service in return for a lower-priced subscription along with chopping prices, a transfer it had lengthy resisted.
On Thursday, Netflix’s chief government Ted Sarandos mentioned the corporate is in talks with a number of corporations for promoting partnerships.
Media experiences from earlier this week mentioned it was in discussions with Alphabet’s Google and Comcast’s NBCUniversal for potential advertising tie-ups.
“We’re speaking to all of them proper now,” Sarandos mentioned on the Cannes Lions convention when requested which firm Netflix was seeking to companion with.