300 people have been laid off by the video streaming company because of the economic downturn. In May, the firm let go of 150 staffers, and now it has laid off another 50. The editorial arm of Tudum was laid off in April.
The company let go of around 300 employees. We made the adjustments so that our costs are growing in line with our slower revenue growth. A company spokesman said that they were grateful for everything they had done for the company.
While most of the laid-off employees were based out of the U.S., there have been cuts in other parts of the world.
A number of companies, including Better.com and MasterClass, have let go of a large amount of their staff.
In the first quarter, the company lost more than 200,000 subscribers. The firm predicted that it would lose 2 million subscribers in the second quarter. The company said the Russian invasion of Ukraine was one of the reasons for the slow down.
At the time of writing, the company's stock is trading at $178.93, a drop of more than 50% from a year ago.
The company is trying to bring in more revenue and subscribers. The shows will be streamed like stand up comedies. The company is doubling down on its gaming efforts.
If people outside your household use your account, you will be charged more. It is testing this feature in several countries, but it is not doing well. An ad-supported tier is going to be added to the streaming service this year.
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