Netflix tells employees to “spend our members’ money wisely” – The Hollywood Reporter

Netflix It advises its employees to take financial responsibility, while facing the loss of subscribers that has raised concerns about the viability of the streaming services.

The employee orientation comes in a file Updated culture note by the company Thursday. Under the “verdict” section of the memo, Netflix tells employees to “Spend our members’ money wisely.”

This is a noticeable change from the rest of the largely free document, which also tells employees to “avoid the rules.”

It comes after the Netflix announcement Its first loss to subscribers within a decade. Netflix attributed the loss of 200,000 subscribers to account sharing, the epidemic, and increased competition from competitors. However, the loss at the streaming giant has alarmed competitors and investors, who are now wondering whether all streaming services will experience a similar slowdown.

In light of weaker-than-expected subscriber numbers, Netflix said it will explore the possibility of a launch Ad supported section from the broadcast service. Analysts pointed to an increase in Netflix prices Monthly subscription price In January for new members in the US and Canada as another reason for losing subscribers. The broadcasting company also talked about other cost-cutting measures.

“We’re holding back some of our spending growth across both content and non-content spending,” CFO Spencer Newman said during the first-quarter earnings call. “We’re trying to be smart about that and cautious in terms of undoing some of that spending growth to reflect the realities of business revenue growth.”

The slowdown, as well as executives’ talks about “cutting” costs, have caused Anxiety among employees At Netflix, who have seen a hiring slowdown and fear future layoffs.

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In the end, Netflix has always stuck to the “keep only our high-quality people” mantra, which it reiterated again in Thursday’s updated note. Variety first reported the details of the memo.

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