In its most recent wave of layoffs, Netflix eliminates 300 jobs due to financial difficulties.

According to Variety, the world’s largest streaming service Netflix has fired 300 workers. The streamer reportedly let go of employees from several different departments, according to the website. This comes after the company fired 150 employees, contractors, or part-timers in its first round of layoffs last month, accounting for around 2% of its American staff.

Despite dominating the streaming industry globally, Netflix is also struggling financially. When it was anticipated to add 2.5 million customers in the first quarter of the year, it recorded a loss of 200,000 subscribers in April.

When the business was the unchallenged leader, everything went fine. The market share of Netflix is currently being reduced by newer competitors like Disney+ and HBO Max, which are supported by major studios with classic content.

The streaming service will introduce a less expensive, advertisement-supported option, Co-CEO Ted Sarandos announced on Thursday. He said, as quoted by The Hollywood Reporter, ‘We’ve left a significant customer group off the table, which is those who say: Hey, Netflix is too expensive for me and I don’t mind advertising.’ He was speaking on the Cannes Lions stage. We’re not changing Netflix as you know it now; we’re just adding an ad tier. For people who say, ‘Hey, I want a lower price and I’ll watch advertisements,’ we’re launching an ad tier.

Netflix has provided a tonne of high-quality movies, TV series, and documentaries over the years. Additionally, it has been successful in luring top directors like Martin Scorsese (The Irishman), Jane Campion (The Power of the Dog), Alfonso Cuarón (Roma), Guillermo del Toro (the impending ‘Pinocchio’), the Coen Brothers (The Ballad of Buster Scruggs), and others.

Numerous Netflix-produced or supported TV shows, such as ‘Money Heist,’ ‘Black Mirror,’ ‘Sex Education,’ ‘Stranger Things,’ ‘The Witcher,’ and most recently ‘Squid Game,’ have gained international acclaim.

Now, it looks like the company’s strategy is changing drastically, and there may be a change in the type of content that we see when we log into Netflix.