Netflix is losing its iron grip on the streaming industry.

For years now, Netflix has served as the bedrock of the growing streaming industry. It was the singular service that everyone was subscribed to, which wasn’t that hard at the start when it was borderline the only game in town. Now, though, Netflix is very much not the only game in town, and the encroachment of newer services with bigger backers is putting the squeeze on them.

Variety reported this week that, on the heels of rising costs and dropping subscribers, Netflix has laid off 300 employees, accounting for roughly 3% of its 11,000-employee global workforce. These layoffs follow another bout of layoffs just a few weeks ago, in which 150 full-time employees, as well as part-timers and contractors, were let go.

“Today we sadly let go of around 300 employees,” a Netflix spokesperson told Variety. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”

Netflix is laying off 300 employees in the midst of a rough year for the streaming giant. The layoffs impact around 3% of its workforce.https://t.co/tbtsdbR2sc

— CNN (@CNN) June 23, 2022

Since revealing the number of subscribers they’ve lost recently at the end of Q1, Netflix’s market value has been on a steady decline, currently sitting at around a 70% loss. Netflix has been forced to cut costs wherever possible to keep up with their rising operating costs. They’ve also been developing a new ad-supported tier of subscription to source some additional money from a new subscriber base.