It’s not the early 2010s anymore; Netflix is no longer at the top of the streaming game. The company is experiencing a fall from grace, as the company is losing money, stock value, and subscribers. Now, Netflix just laid off 300 more employees amid this hardship.
The streaming industry is in a very different place now compared to years ago. Services like HBO Max, Disney+, Paramount+, Discovery+, Tubi, Peacock, and others have come onto the scene, and they’re giving Netflix a run for its money. Because of this, the company is starting to feel the squeeze.
Netflix lays off 300 more employees
Things aren’t looking great over at Netflix’s camp. Earlier this year, the company had to lay off 150 US-based employees due to dwindling income. These layoffs, unfortunately, were the first of more to come.
According to Variety, the streaming giant had to say “bye-bye” to 300 more employees. While this cut affected multiple divisions of the company, most of the people lost were in the US. This was cut out of the roughly 11,000-strong workforce that the company has. This comes just after the company confirmed the ad-supported tier.
While it’s holding its chin up for the public, we know that there’s trouble brewing behind closed doors. For instance, not only is Netflix losing employees, it’s losing watchers by the boatful.
The company reported a loss of 200,000 subscribers in the first quarter of 2022, but that’s just the tip of the iceberg. According to sources, Netflix is expected to have lost an additional 2 million during the second quarter.
Because of these hardships, Netflix’s stocks have seen a deep plummet. At the beginning of the year, the company’s stocks were valued at around $600; now, they’re trading for $108.93. That’s a roughly 70% drop.
While this is a huge blow for the company, Netflix is still planning on spending a lot of money on content this year. It’s planning on spending $17 billion on content, and that’s similar to what it spent in 2021.