Netflix is laying off 150 employees, including dozens from its Tudum fansite

Illustration by Alex Castro / The Verge

According to Variety, around 150 employees and agency contractors are being laid off by Netflix due to slower revenue growth.

A source familiar with the situation tells The Verge that at least 26 staff members working on the Tudum website were laid off. Prior to this recent round of layoffs, there were 25 marketing staff members let go by the company. A mass email was sent to the 26 employees who were laid off today.

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Most employees affected by the layoffs are located in the US, according to the streaming giant. The layoffs were mainly driven by financial issues, rather than performance, according to the statement issued by Masonhall.

As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based. 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. We’re working hard to support them through this very difficult transition. A number of agency contractors have also been impacted by the news announced this morning. We are grateful for their contributions to Netflix.

The first time in over a decade that the company lost subscribers was in the last quarter. In the next quarter, it expects to lose 2 million. Russia's invasion of Ukraine is partially to blame for the loss of subscribers, as the company stopped services in Russia in March. It didn't help that there weren't as many big Hollywood hits released on the platform.

During the last quarter, Spencer Neumann said that the company would be pulling back on spending for the next two years.

The streaming giant has told employees that a cheaper option will launch later this year as well as a ban on password sharing as it attempts to reignite subscriber growth.

The series is being produced by The Verge.

Additional reporting was done by Mia Sato.