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Netflix Reportedly Cutting $300 Mn in Spending This Year
The world’s largest streaming service, Netflix, is reportedly cutting $300 million from its budget this year, including for hiring. A recent article from The Wall Street Journal claims that one of the causes of the spending reduction is the fact that Netflix postponed its plans to crack down on password sharing from this year’s first quarter to the second quarter.
According to the article, this means that Netflix’s anticipated revenue from the change will now occur in the second half of the year. The report also stated that there will not be a hiring freeze or further layoffs. “The company urged staff earlier this month to be sensible with their spending, including in relation to hiring,” it said.
The streaming service started its crackdown on password sharing earlier this year in Canada, New Zealand, Portugal, and Spain. This summer, Netflix will finally crack down on password sharing in the US. In the US, Netflix had initially intended to introduce “paid sharing” in the first quarter of this year.
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The functionality will now be unveiled by the company on or before June 30. It allows up to two additional users per account, and the cost per additional user varies by nation. Members with Standard ($15.49 per month) and Premium ($19.99 per month) subscriptions have access to the sharing options.
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‘Basic with Ads’ is the name of a new ad-supported plan that the firm introduced last November. The monthly fee for the tier is $6.99. Additionally, Netflix is improving the concurrent streams and streaming quality of its ad-supported plan. Netflix also slashed staff last year in an effort to reduce costs.
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