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Netflix: Streaming company Netflix is reportedly cutting its expenses by $300 million this year, which also includes recruitment related expenses. According to a new report in The Wall Street Journal, one reason behind the spending cuts is that Netflix delayed its plan to crack down on password sharing from the first quarter to the second quarter this year. The report states that this means that the expected revenue from this move has now shifted to the second half of the year.
This is Netflix’s advice to its employees
The report said, earlier this month, the company urged employees to be mindful of their spending, as well as no hiring freeze or additional layoffs. The streaming company started its crackdown on password sharing in Canada, New Zealand, Portugal and Spain earlier this year.
Netflix set to crack down on password sharing
Netflix is finally set to crack down on password sharing in the US this summer. Netflix originally planned to launch paid sharing in the US during the first quarter of this year. The company will now introduce this feature on or before June 30. This will allow up to two additional members per account, and the fee per additional user varies by country.
What are the plans of Netflix
Sharing plans are available to members using Standard ($15.49 per month) and Premium ($19.99 per month) subscriptions. The company last November launched a new ad-supported plan called ‘Basic with Ads’, which costs $6.99 per month. Netflix is also upgrading its ad-supported plan in terms of streaming quality and concurrent streams. In an effort to reduce costs, Netflix also cut jobs last year.
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