For the first time in a decade, the company has seen a sharp drop in its subscriber base. It was reported that there will be a decrease of 2 million subscribers in the next quarter. Following this, the company announced last April that it would consider the advertising sector as important. Netflix is reportedly looking for marketing tie-ups with Alphabet’s Google and Comcast Corporation’s NBC Universal.
Meanwhile, Walt Disney Company, the rival of Netflix, has announced that it will introduce a tire that supports Disney, the ad. The reasons behind the new decision are the drop in customer streaming during the Kovid era, strong market competition and rising inflation, which is eroding people’s interest in investing in entertainment.
Meanwhile, Netflix has decided to lay off another 300 employees. This is part of the company’s cost control. Of these, the highest job losses are among company employees in the United States. The company is gaining twice as much revenue as it did last month.
The company lost 200,000 subscribers in the first quarter of 2022. It also sent shares of Netflix down. Following this, the company decided to change its policies. A few employees were hired on a contract basis last April as part of a drive to recoup the marketing budget. The increase in the number of customers of major business rivals Amazon, Walt Disney and Hulu also prompted Netflix to make tough decisions.
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