"These changes are primarily driven by business needs rather than individual performance," said a Netflix spokesperson.
Streaming service and production company Netflix has announced 150 layoffs, most of which are in US-based roles. This comes soon after the company experienced a decline in both revenue and subscribers in the first quarter of 2022.
In a statement to HRO, a Netflix spokesperson has confirmed the development, putting it down to the business requirement to slow down the cost growth for the company, as well as affirmed that the decision to lay employees off is related more to business needs than individual performance.
The company has stated: "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."
In the Q1 2022 results-linked letter to shareholders, the company laid out a plan to reaccelerate both viewing and revenue growth by continuing to improve all aspects, in particular the quality of programming and recommendations.
On the content side, the company is expected to double down on story development and creative strength, in efforts to replicate the success of titles such as Bridgerton, Inventing Anna, and Tinder Swindler. On the product side, Netflix recently launched a 'double thumbs up' feature so members can better express what they love versus simply like - providing data to improve personalised recommendations and overall experience.
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