If you like to watch TV and movies, we bet you have a streaming service that you like the most out of all of them.
©Netflix
Disney+, Netflix, Hulu, HBO Max, Peacock — there are a bunch of options, and many people have subscriptions to multiple of these services. But, services subscriber number go up and down, with ones like Netflix losing subscribers and others like Disney+ gaining them. And now, Netflix’s subscriber loses are impacting their employees.
Netflix is laying off 300 employees, according to The Orange County Register. This is about 3% of Netflix’s workforce and the layoffs are mostly taking place in the United States.
©Netflix
A company spokesperson told CNN Business that “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
Previous Disney Content on Netflix
Back in April, Netflix said that it had lost 200,000 subscribers, losing subscribers for the first time in over 10 years. Then, in May, Netflix laid off 150 workers, saying it was due to slowing revenue growth.
The Irishman ©Netflix
Netflix actually said that it expected to lose another 2 million customers in the second quarter. This would set Netflix up for its “worst year ever as a public company.” (Bloomberg)
©Netflix || Tiger King
Right now, Netflix has 221.6 million subscribers. For comparison, Disney+ has a total number of 137.7 million subscribers. In the fall of 2021, it was predicted that Disney+ would have more subscribers than Netflix by 2025.
Netflix has been talking about a lot of changes lately, as well. They have mentioned introducing ads to the platform, cracking down on password sharing, and more.
©William Antonelli/Business Insider
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An advantage Disney/Hulu has is ESPN sports, a market for live sporting events. Will Netflix try to partner with some other service for a similar sports channel, or try to create its own?