Netflix has laid off about 150 staff due to the decline in the company’s revenue.
This comes just a month after the entertainment giant said it was losing subscribers for the first time in a decade.
According to a report by BBC, the redundancies, announced by the streaming service on Tuesday, will mainly affect its US office in California.
The streaming service is battling an exodus of viewers this year. “These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues,” the company said in a statement.
In April, the streaming giant shocked the industry when it revealed it had lost 200,000 subscribers in the first three months of 2022 and warned another two million were expected to quit in the coming quarter.
While Netflix has 220 million subscribers globally and remains the clear market leader, it has faced fierce competition in recent years with the arrival of competitor platforms such as Disney Plus, HBO, and Amazon’s Prime Video.
Pulling out of the Russian market alone had cost the service 700,000 members, it revealed.
Along with job losses, the company is also cutting content and pulling back on its own creations. Earlier in May it cancelled development of Pearl, an animated series created by Meghan Markle, in its move to cut costs.
