The streaming site lost hundreds of thousands of subscribers in the first quarter of this year and was forced to lay off 300 employees on Thursday.
Ted sarandos is the co-CEO of netflix
The company laid off employees because of a lower revenue growth, and is trying to support them through the difficult transition, according to a spokesman for the company.
Variety reported that the cuts were across multiple departments, and that they came after the company laid off 150 employees in May.
The company will begin to offer a cheaper, ad-supported tier to attract more users.
The company has left a big customer segment off the table and is giving an option for people who want a lower price and watch ads.
Since the beginning of the year, the share price of the company has plummeted.
In the first quarter of 2022, the company lost 200,000 subscribers, marking the first loss in users in over a decade. The company predicts it will lose more subscribers this quarter. The company has had to compete with a number of newer streaming services. In March, Disney+ announced it would add an ad-supported subscription option later in the year, as well as another major competitor,Hulu, which also has an ad-supported option. Even though he has previously been against the complexity of advertising, Reed Hastings said he was a bigger fan of consumer choice despite the fact that he lost subscribers. 30 million people in the U.S. and Canada share passwords, according to the company.
The second round of layoffs began.
About 150 employees were laid off after subscriber losses.
It's official that ads are coming to the streaming service. This is what that means for you.
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