Streaming leader loses to slowing growth, Netflix reports to lay off thousands of jobs

[Central News Agency] US media reported that Netflix, the leader in video streaming, is expected to cut about 1,000 jobs due to slowing growth. Company executives believe that in order to achieve their mission of entertaining the world, they must maintain discipline in the allocation of manpower and resources.

Agence France-Presse reported that several U.S. media reported today that the growth of streaming platform Netflix has slowed down, and it is reported that it will cut about 1,000 positions, accounting for about 6% of the total number of employees. Analysts pointed out that even streaming leaders cannot escape the pressure of slowing growth.

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Netflix shares have fallen 15% this year.

Multiple reports pointed out that Netflix co-CEOs Ted Sarandos and Greg Peters wrote in an internal memo: "Our mission is to entertain the world. This ambitious mission requires discipline in the prioritization of people and resources."

Netflix is now firmly the leader in the video streaming market and can no longer grow at the same rate as in the past. Its second-quarter revenue grew 13.4% year-on-year, down from 16.2% in the first quarter.

The Los Gatos, California-based company forecast revenue growth of 11.7% for the just-ended third quarter.

Media reports indicate that after years of growth, the amount of time users spend on Netflix is ​​declining.

Bloomberg noted in early July that the series' average viewership dropped after the first season.

eMarketer analyst Ross Benes said, "The Netflix layoffs show that even the top streaming companies are not immune to stagnant growth and financial difficulties."

Benes said, "While Netflix will expand sports content, it will reduce manpower at a time when revenue is far more important than subscriber growth. As pressure increases, Netflix will try to turn the situation around by relying on low-cost content."

Netflix did not immediately respond to news of the layoffs. (Compiled by: Qu Xiangping) 1151015

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