Key Advisors Group co-owner Eddie Gabour gives an idea of how “tough economic times” affect streaming services, Netflix and Paramount +.
Streaming giant Netflix advises its employees to be more careful with how they spend the company’s money, according to a new note posted on the company’s website.
The directive is contained in a note first reported by Variety entitled “Netflix Culture – The Search for Perfection”. In the “Sentences” section, he encouraged employees to “spend our members’ money wisely.”
In this photo illustration, the Netflix logo is shown on a laptop screen and on a smartphone screen in Tehatta, Nadia, West Bengal, India on October 13, 2020 (Photo illustration by Soumyabrata Roy / NurPhoto / Getty Images)
The note goes on to describe other best practices of the company such as selflessness, courage, communication, inclusion and more.
The note comes after Netflix suffered its first loss of subscribers in more than a decade. The company’s customer base fell by 200,000 subscribers between January and March, according to its quarterly earnings report.
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The company accused the sharing of passwords between its members and the growing competition in streaming space to create what he called “revenue winds”. Netflix estimates that in addition to nearly 222 million paying households, the service is shared with another 100 million homes, including 30 million in the United States and Canada.
Netflix CEO Reid Hastings. (Getty Images / Getty Images)
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Netflix has announced plans to break password sharing and introduce cheaper, ad-supported subscription level. In addition, the company reportedly canceled several animated projects and laid off some of the department’s staff in an attempt to cut costs.
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Netflix expects to lose another 2 million subscribers in the second quarter.
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Lucas Manfredi of Fox Business contributed to this report.
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