Netflix is ​​telling employees to ‘spend company money wisely’ after a major loss of subscribers

Netflix is ​​telling employees to ‘spend company money wisely’ after a major loss of subscribers

streaming giant Netflix advises its employees to be more careful about how they spend company funds, according to a new memo published on the company’s website.

The policy can be found in a memo titled “Netflix Culture – Seeking Excellence,” first published by Variety. Under the “Review” section, it encourages staff to “spend our members’ money wisely.”

Netflix

In this photo illustration the Netflix logo seen seen on a laptop screen and on a smartphone screen on October 13, 2020 in Tehatta, Nadia, West Bengal, India. (Photo illustration by Soumyabrata Roy/NurPhoto/Getty Images)

The memo goes on to detail other company best practices such as selflessness, courage, communication, inclusion and more.

The memo comes after Netflix suffered its first loss of subscribers in more than a decade. The company’s subscriber base declined by 200,000 subscribers in the January-March period, according to its quarterly report.

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The company blamed password sharing among its members and increasing competition on the internet stream Room to create what it calls “revenue growth headwinds.” Netflix estimates that the service will be shared with an additional 100 million households, including 30 million in the US and Canada, in addition to its nearly 222 million paying households.

Netflix CEO Reed Hastings

Netflix CEO Reed Hastings. (Getty Images/Getty Images)

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Netflix has announced plans to crack down on password sharing and a cheaper, ad-supported subscription tier. Additionally, the company has reportedly canceled several animated projects and laid off some of the department’s employees to cut costs.

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Netflix expects to lose another 2 million subscribers in the second quarter.

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Fox Business’ Lucas Manfredi contributed to this report.

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