The Covid pandemic made many people switch to OTT platforms for entertainment with the film industry getting affected. Slowly, the consumers started to get bored of platforms that can offer a variety of content. Moreover, the competition between the platforms turned intense, and retaining subscribers became a big headache for the OTT platforms.
Sadly, the global OTT platform Netflix could not crack the formula to retain the subscriptions. The subscribers are leaving the platform at a higher rate across the nations. However, the United States, the bigger market for the OTT arena is not working for Netflix and India became a tough market for the OTT already.
Netflix, which is going through a tough pace is laying its employees in a phased manner. Yet again, the global OTT platform laid off the employees. Around 300 employees have been laid off by Netflix. Earlier last month, the platform laid off half the workforce it laid off recently.
To see that the costs it made match the revenue growth, Netflix is laying off. Even employees who hold big positions were also laid off forcing them to start looking for other opportunities despite investing a lot in the platform.
"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," the platform said in a press release.