Sources have reported that Netflix is planning to reduce its spending by $300 million in 2023, but the company has no plans to lay off any employees.
Over the past few months, several technology companies including Microsoft, Amazon, Meta, and Google have announced cost-cutting measures which have led to significant layoffs.
According to a report by the Wall Street Journal, Netflix executives sent an email to employees in early May urging them to be cautious with spending. However, for now, the company has no plans to lay off staff or halt recruitment efforts.
Earlier reports indicated that Netflix’s proposed plan to charge subscribers in the United States and other countries for sharing account passwords has been delayed until the second quarter of 2023.
Despite a potential reduction in expenses, the $300 million cut is relatively small compared to the company’s total expenditure of $26 billion in 2022.
Additionally, Netflix is expanding beyond streaming movies and TV shows and plans to release up to 40 mobile games in 2023.
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