What's Hot?
Tems Wins First-ever Grammy, As Burna Boy Loses...
Court Orders Oxlade To Pay ₦5m Indemnity Over...
Artists gearing up for the Harlem fine arts...
International tourist arrivals doubled in 2022: UN
Amoako Boafo’s Launch of Ghana Residency Was a...
Morocco: National Finery Museum Reopens to Critical Aclaim
Five years after, Lagos Inaugurates Randle Centre for...
The future of global music is African
CAA Signs ‘Heroes’ Actor Jimmy Jean-Louis
Philly filmmaker Walé Oyéjidé captures the beauty of...
The Culture Newspaper
  • Home
  • Arts & Exhibitions
  • Culture & Festivals
    • Culture Africana
    • Culture People
  • Fashion & Lifestyle
    • Music, Movies & More
  • News
    • Travel News
  • Opinion
    • Reviews (The Critics)
  • TCN Literati
  • Tourism & Hospitality
World Culture

Netflix cuts 300 more jobs after subscriptions fall

by The Culture Newspaper June 27, 2022
by The Culture Newspaper June 27, 2022

Netflix has announced another round of job cuts as it grapples with slowing growth and increased competition.

The streaming giant said it was cutting 300 more jobs – roughly 4% of its workforce – mostly in the US, after axing 150 people in May.

The moves come after the company reported its first subscriber loss in more than a decade in April.

The firm is exploring an ad-supported service and cracking down on password sharing as it tries to boost growth.

“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,” Netflix said in a statement on Thursday, adding that it was continuing to hire in other areas.

While Netflix has 220 million subscribers globally and remains the clear leader in the streaming market, it has faced fierce competition in recent years with the launch of rival platforms such as Disney Plus and Amazon’s Prime Video.

The company also recently embarked on a series of price increases in the US, UK and elsewhere, which have contributed to its subscriber losses.

The firm has said it expects its subscriber count to fall by another two million in the three months to July, after dropping by 200,000 earlier this year.

Surveys by Kantar research firm consistently identify saving money as the number one reason for cancelling streaming services – even in the US, where overall streaming subscriptions have held steady, unlike the UK.

On Thursday, Ted Sarandos, the company’s co-chief executive, told an audience at a conference in Cannes on Thursday that Netflix was in talks with many companies as it explores new advertising partnerships to appeal to price-sensitive audiences.

“We’re not adding ads to Netflix as you know it today. We’re adding an ad tier for folks who say ‘Hey, I want a lower price and I’ll watch ads’,” Mr Sarandos said at Cannes Lions.

The job cuts at Netflix come amid rising worries in the US that the labour market boom the country has enjoyed since the pandemic is coming to an end.

Signs of slowdown are particularly evident in the tech sector, where start-ups have cut nearly 27,000 workers since May – roughly double the number recorded in all of 2021, according to layoffs.fyi, which tracks publicly announced redundancies.

Firms in the housing sector have also announced hundreds of cuts in recent weeks.

The head of America’s central bank told members of Congress this week that its efforts to bring down rapidly rising prices by raising interest rates risk triggering a sustained economic slowdown, but were worth it to restore price stability.

“We’re not trying to provoke, and don’t think we will need to provoke a recession,” Federal Reserve chairman Jerome Powell said.

But he conceded in response to questioning, it’s “certainly a possibility”.

Source: BBC

300aftercutsfalljobsmoreNetflixsubscriptions
0
FacebookTwitterPinterestLinkedinWhatsappEmail
The Culture Newspaper

previous post
Barack, Michelle Obama ditch Spotify for Amazon-owned Audible
next post
Tems Wins Best International Act At 2022 BET Awards

You may also like

CAA Signs ‘Heroes’ Actor Jimmy Jean-Louis

January 30, 2023

Philly filmmaker Walé Oyéjidé captures the beauty of...

January 30, 2023

‘The Woman King’ Wins Best Picture at African...

January 18, 2023

Jahman @ 60: Salute To A Boss, Buddy

January 15, 2023

Papa Ajasco’ Actor Femi Ogunrombi Is Dead

January 15, 2023

Lisa Marie Presley wrote about grief in her...

January 15, 2023

Pakistan’s Trailblazing Cannes Winner & International Oscar Hopeful...

January 7, 2023

Is the diaspora now about rubbishing those at...

January 7, 2023

Burna Boy, Rema, Ayra Starr Make Obama’s 2022...

December 25, 2022

12 Countries That Produce the Best Movies in...

December 22, 2022

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Recent Posts

  • Tems Wins First-ever Grammy, As Burna Boy Loses In Two Categories
  • Court Orders Oxlade To Pay ₦5m Indemnity Over Leaked Sex Tape
  • Artists gearing up for the Harlem fine arts show 15th anniversary
  • International tourist arrivals doubled in 2022: UN
  • Amoako Boafo’s Launch of Ghana Residency Was a Reminder of the Country’s Growing Arts Scene

Sponsored

Recent Posts

  • Tems Wins First-ever Grammy, As Burna Boy Loses In Two Categories

    February 6, 2023
  • Court Orders Oxlade To Pay ₦5m Indemnity Over Leaked Sex Tape

    February 3, 2023
  • Artists gearing up for the Harlem fine arts show 15th anniversary

    February 3, 2023

Categories

  • Arts & Exhibitions
  • Culture & Festivals
  • Culture Africana
  • Culture People
  • Fashion & Lifestyle
  • Food
  • Music, Movies & More
  • News
  • Opinion
  • Photo News
  • Reviews (The Critics)
  • TCN Interview
  • TCN Literati
  • Tourism & Hospitality
  • Travel News
  • Travel Trends
  • Travelogue
  • What's Hot?
  • World Culture

Connect with us

Connect with us
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • About Us
  • Advertise With Us
  • Privacy Policy
  • Contact Us

@2019 - The Culture Newspaper. All Right Reserved. Designed and Developed by Zero-One

The Culture Newspaper
  • Home
  • Arts & Exhibitions
  • Culture & Festivals
    • Culture Africana
    • Culture People
  • Fashion & Lifestyle
    • Music, Movies & More
  • News
    • Travel News
  • Opinion
    • Reviews (The Critics)
  • TCN Literati
  • Tourism & Hospitality