Netflix plans to cut spending by $300 million this year

San Francisco. Streaming giant Netflix is ​​reportedly cutting $300 million in spending this year, which also includes hiring. According to a new report from The Wall Street Journal, the spending cut is one reason Netflix delayed its plan to crack down on password sharing from the first quarter to the second quarter this year.

This means that the expected revenue from this move has now shifted to the second half of the year, the report said.

Earlier this month, the company urged employees to be mindful of their spending, as well as no hiring freezes or additional layoffs, the report said.

The streaming company launched its crackdown on password sharing in Canada, New Zealand, Portugal and Spain earlier this year.

Netflix is ​​finally set to crack down on password sharing in the US this summer.

Netflix originally planned to launch paid sharing in the US during the first quarter of this year. The company will now introduce this feature on or before June 30.

This will allow up to two additional members per account, and the fee per additional user varies by country.

Sharing plans are available for members using Standard ($15.49 per month) and Premium ($19.99 per month) subscriptions.

The company last November launched a new ad-supported plan called ‘Basic with Ads’, which costs $6.99 per month.

Netflix is ​​also upgrading its ad-supported plan in terms of streaming quality and concurrent streams.

In an effort to reduce costs, Netflix also cut jobs last year.

–IANS

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