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Netflix may offer cheaper plans with ads
Netflix's shares took a big hit this week, with the stock price plummeting 26% after reporting it lost about 200,000 subscribers in its first quarter, falling well below expectations. The company is now said to be considering a lower-cost plan that would including advertisements.
LOS ANGELES - It’s the latest venture being tested out by Netflix: livestreaming.
The news was first exclusively reported by Deadline and confirmed by FOX Television Stations.
While the streaming company is currently in its early stages of development and doesn’t have an official timeline yet, its efforts are concentrated on unscripted content and live events.
This means Netflix would have the ability to do live comedy specials at events such as its recent Netflix Is A Joke festival and competition series that involve live voting.
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In addition, the company could choose to do live reunion specials on hit reality series including "Love is Blind" and "Selling Sunset."
This move by Netflix comes as many other companies and networks hop on the livestreaming bandwagon. It also comes just one week after Netflix announced the layoffs of 150 employees.
Last month, the company also reported its first paid subscriber loss in more than a decade, which could explain its move toward new concepts like livestreaming.
"As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly U.S.-based," a Netflix spokesperson confirmed to Fox News Digital. "These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We're working hard to support them through this very difficult transition. A number of agency contractors have also been impacted by the news announced this morning. We are grateful for their contributions to Netflix."
FOX News Digital contributed to this story.