Sources say Netflix will cut spending by $300 million in 2023, but there are no plans to cut jobs

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com, May 14 (Xinhua) in the past few months, a large number of technology companies have announced cuts in operating costs, resulting in large-scale layoffs at Microsoft, Amazon, Meta, Google and other companies.

Netflix, a streaming film and television program company, also plans to cut spending by $300m (CTOnews.com Note: about 2.088 billion yuan) in 2023, according to the Wall Street Journal.

Netflix executives told employees in an email in early May that they should be "cautious about spending," the report said. For now, at least, Netflix has no plans to cut costs by laying off staff or freezing hiring.

Earlier news revealed that Netflix's controversial practice of charging subscribers in the United States and other countries for shared account passwords has been postponed to the second quarter of 2023.

However, even if Netflix may cut some spending, it is still a negligible amount compared with the total expenditure of $26 billion in 2022 (currently about 180.96 billion yuan). The company is also trying to move beyond streaming movies and TV shows, with plans to release as many as 40 mobile games in 2023.