FILE PHOTO: Netflix posted its third-consecutive quarter of increasing subscriber growth for its fourth-quarter results.
| Photo Credit: AP
(This article is part of Today’s Cache, The Hindu’s newsletter on emerging themes at the intersection of technology, innovation and policy. To get it in your inbox, subscribe here.)
Netflix posts best-ever holiday season results
In its fourth-quarter results announced yesterday Netflix posted its third-consecutive quarter of increasing subscriber growth signalling that its new formula to push subscribers was working. Last year has been a comeback year for the video streaming service since its cracked down on viewers who were freeloading content and a hike in prices.
The company has hinted that it will rationalise the higher subscription fee and bring in advertisers for a low-cost plan while announcing a $10 billion deal with WWE’s ‘Raw’ to its platform. Netflix saw an increase in global subscribers by 30 million which brought its total global subscribers to more than 260 million. In contrast, the year before that Netflix’s performance had the company worried about how competition was affecting its growth. The company also lowered its budget while increasing the price of its top-tier streaming plan by 10% to calm down investors looking to push profits.
eBay to slash 1,000 jobs
E-commerce retailer eBay will cut about 1,000 roles or approximately 9% of its current workforce, the company stated yesterday. In a letter shared with employees CEO Jamie Iannone said that the layoffs were a cost-cutting measure.
The news follows a fresh wave of layoffs in the tech sector from Amazon and Google. Aside from the job cuts, the company also plans to scale back the number of contracts within its alternative workforce over the coming months, Iannone said in the letter. In last year February, eBay announced plans to lay off 500 employees globally which made 4% of the total workforce.
TikTok fires dozens of workers
TikTok is laying off dozens of workers from its sales and advertising unit joining other tech companies like Amazon and Google in trimming jobs in the new year. A spokesperson for the company later stated that the social media platform was cutting 60 jobs but did not clarify the reason for the layoffs.
Impacted workers can however apply to other open positions in the company which still has more than 120 similar job postings open. Last September, TikTok launched an e-commerce wing and marketplace that allows merchants to sell products on its platform. This year other social media platforms like Discord and Twitch have also announced layoffs.
Add Comment