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Streaming service in crisis: Netflix has to lay off 150 employees

2022-05-18T08:28:05.775Z

"Due to business needs": Netflix has announced the layoff of 150 employees, mainly in the US. For the first time in a decade, customer numbers are falling – and significantly.



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The Netflix corporate building on Sunset Boulevard in Los Angeles

Photo: ROBYN BECK / AFP

The streaming service Netflix will lay off 150 employees, most of them in the United States.

This corresponds to about two percent of the employees in the home market.

"These changes are primarily driven by business needs and not by individual performance," the company said in a statement.

This makes the step particularly difficult.

Netflix had recently seen its subscriber base drop for the first time in a decade.

The world's largest streaming provider cited the war in Ukraine, inflation and fierce competition as justification.

200,000 subscribers lost at the beginning of the year

In the three months to the end of March, around 200,000 subscribers were unsubscribed, the company announced in April.

According to its own forecast, Netflix had actually expected an increase of 2.5 million customers.

In the second quarter of this year, Netflix now expects a drop of 2 million customers.

The number of paid subscriptions worldwide was 221.6 million at the end of the quarter.

The last time Netflix had a quarter of declining subscribers was in October 2011.

ktz/Reuters

Source: spiegel

All business articles on 2022-05-18

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