Daily Management Review

WSJ learns of Netflix's plans to cut $300 million in 2023


The Wall Street Journal said that Netflix will reduce spending by $300 million in 2023, citing sources.

Gage Skidmore
Gage Skidmore
Netflix will reduce spending by $300 million in 2023, according to The Wall Street Journal, which cited sources.

This month, managers from the corporation advised employees to be "judicious" with their expenditure, including on hiring. The newspaper's sources claim that there is no hiring moratorium and no additional layoffs are anticipated.

Postponement of the rollout of the option to share access with other users—which was moved from the first quarter of the year to the second—is specifically tied to cost-cutting initiatives. It is anticipated that the rise of "paid sharing" would enable Netflix to boost revenue.

Approximately 100 million households globally, according to streaming, are already breaking the law by sharing their subscriptions. According to Morgan Stanley, 20–30% of them might become paying customers.

source: wsj.com