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Global Economy

Netflix is cutting 300 jobs

Netflix has announced further job cuts, the company is struggling with insufficient growth and increased competition.

The streaming giant plans to cut 300 more jobs — about 4% of its workforce — mostly in the US. In April, Netflix reported a drop in subscriber numbers for the first time in more than a decade.

While Netflix has 220 million subscribers worldwide and remains the clear leader in the streaming market, the company has faced stiff competition in recent years with the launch of rival platforms like Disney Plus and Amazon's Prime Video.

Also, the company recently made a series of price increases in the US, UK, and elsewhere that have contributed to its subscriber losses.

The company expects its subscriber base to fall by another 2 million in the three months to July, after falling by 200,000 earlier in the year.

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