Netflix is not doing so well lately as it lays off 150 employees who the streaming service says are primarily based in the United States.
On top of that, the companion website of the giant streaming platform Tudum is also trimming down its workforce.
The Netflix logo is seen on the Netflix, Inc. building on Sunset Boulevard in Los Angeles, California on October 19, 2021.
Netflix Lays Off 150 Employees
Netflix, which houses hit titles like "Stranger Things," is having a bad month.
The streaming platform had to let go of more than a hundred employees less than a month after it reported its disappointing subscriber figures, as per a news story by CNBC.
The renowned disruptor of streaming, which rivals newer giants like Disney Plus and HBO Max, also forecasted further losses in the incoming quarter.
Netflix is now scrambling to stay in the game, attempting to cut losses right away.
The latest move of Netflix to face its "slowing revenue growth" affects 150 employees in the tech firm.
A representative from the streaming behemoth explained to CNBC that the latest layoff is "primarily driven by business needs."
Netflix further clarified that it has nothing to do with the performance of the employees.
The Netflix representative said that the layoffs are "especially tough as none of us want to say goodbye to such great colleagues."
CNBC noted in its report that the latest moves of Netflix to let go of more than a hundred workers is the first since it reported the bleak reality of its disappointing revenue growth.
The news outlet also highlighted that the recent job cuts account for roughly lower than 2% of the total employees of the streaming giant.
It is worth noting that Netflix is home to about 11,000 workers. These employees are now facing a massive challenge to help the streaming service survive its dwindling subscriber count.
Netflix Cost-Cutting Solutions
Apart from trimming down the number of its employees, Netflix is also working on other solutions to resiliently stay in the streaming market.
LOS ANGELES, CALIFORNIA - OCTOBER 07: The Netflix logo is displayed at Netflix's Los Angeles headquarters on October 07, 2021 in Los Angeles, California.
The co-CEO of the service, Reed Hastings, has previously revealed that the firm is already looking into introducing ad-supported tiers, much like what HBO Max and Hulu are supporting. It is in hopes of bringing more money to the table.
Netflix is also focusing its efforts on cracking down on password sharing in a bid to force more people to subscribe to its services.
Read Also: Netflix is Exploring Livestreaming Option for Stand-up Specials and Other Live Content
Tudum Website Trims Workforce
It appears that the misfortune of streaming services does not stop at Netflix.
According to the latest report by The Verge, Netflix' companiion site Tudum also cut down its contractor staffers, laying off a total number of 26 workers.
The spokesperson of Netflix, Erika Masonhall, told the tech media outlet that the contracting company sent a mass email to inform more than a dozen Tudum workers that they are part of the latest layoff.
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