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Following the loss of subscribers: Netflix fires 150 employees Israel today

2022-05-18T09:58:06.608Z

The streaming giant has announced cuts in the US workforce, following the drop in the number of subscribers and the crash of the company's share by 70 percent



Less than a month after Netflix reported a drop in the number of service subscribers and expected losses in the next quarter, the streaming giant announced the layoffs of about 150 employees, most of them in the US.

This is a cut of about two percent of Netflix's workforce in the country where it was established.

"Unfortunately, we have to say goodbye to 150 employees today," said a company representative.

"These are changes that we have to take on a business background and not due to individual employee performance. So it's a very difficult decision, as none of us want to say goodbye to such great colleagues. We do everything we can to help them through this difficult transition period."

The cuts, it should be noted, are not surprising, as in addition to reporting the decline in the number of subscribers - the first in a decade - Netflix's shares have crashed by no less than 70 percent since January.

The collapse can be explained by the end of the Corona plague - people return to go out and spend time outdoors and sit less in front of the TV, and also by the spread of competing streaming services, most notably Disney Plus, which is now being launched in Israel as well.

In an effort to stem the tide, Netflix is ​​operating on several levels: it is expected to soon offer a discounted ad-inclusion route, and has even announced its intention to step up its efforts to eradicate the password-sharing phenomenon among people who do not live under the same roof.

Data show that in addition to the 222 million households paying for the service, about 100 million other households use shared accounts.

In other words, close to a third of Netflix floaters enjoy the service without paying for it, and the company is no longer willing to slip the matter.

In addition, it was learned that Netflix has decided to give up several recently announced animated productions, including the fantasy project "Wings of Fire" based on the successful book series and already in development stages, and other series designed for kindergarten children.

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Source: israelhayom

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