Netflix plans to cut $300 mn in spending this year: Report
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1 year ago 02:11:29pm Television

Netflix plans to cut $300 mn in spending this year: Report

New Delhi, 29-May-2023, By IBW Team

YouTube beats Netflix to become largest TV streaming platform in US

Streaming giant Netflix is reportedly cutting $300 million from its spending this year, including hiring.

According to the IANS report, one of the reasons for the spending cut is that Netflix postponed its plans to crack down on password sharing from the first to the second quarter of this year.

This means that the revenue Netflix expected from the move has been shifted to the second half of the year.

“The company urged employees earlier this month to be prudent with their spending, including hiring, but stated that there would be no hiring freeze or additional layoffs,” the report added.

Earlier this year, the streaming service began cracking down on password sharing in Canada, New Zealand, Portugal, and Spain. This summer, Netflix will finally crack down on password sharing in the United States.

Netflix had planned to launch “paid sharing” in the United States during the first quarter of this year. The feature will now be available on or before June 30.

It will allow up to two additional users per account, and the fee per additional user varies by country.

Members can access the sharing plans through Standard ($15.49 per month) and Premium ($19.99 per month) subscriptions.

Last November, the company introduced a new ad-supported plan called “Basic with Ads.” The monthly fee for this tier is $6.99.

Netflix is also improving the streaming quality and concurrent streams of its ad-supported plan. Last year, Netflix cut jobs to reduce costs.

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