Netflix confirmed it laid off “round 300 staff” on Thursday. It is the streaming big’s newest spherical of job cuts to date this 12 months because it faces slowing progress. The layoffs had been earlier reported by Selection. 

Netflix additionally minimize 150 jobs in Could, after it had eradicated plenty of jobs at its fandom web site, Tudum, in April. Tudum had been launched simply 5 months earlier. 

“Whereas we proceed to take a position considerably within the enterprise, we made these changes in order that our prices are rising according to our slower income progress,” a Netflix spokesperson stated in an emailed assertion Thursday.

Netflix’s downsizing comes after it introduced in April that it misplaced subscribers for the primary time in 10 years. It reported dropping 200,000 subscribers within the first quarter of 2022 and stated it anticipated to lose 2 million extra from April to June. 

Netflix has blamed its subscriber losses on password sharing and Russia’s invasion of Ukraine. It stated it misplaced 700,000 subscribers when it pulled out of Russia. The streaming panorama has additionally grown extra aggressive, with new providers like Disney Plus, HBO Max and Paramount Plus becoming a member of longer established rivals like Hulu.

Total, Netflix had 11,300 staff on the finish of 2021.

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