According to the Wall Street Journal report on Wednesday, Netflix Inc is partnering with long-time cloud partner Amazon Web Services to cut down cloud computing costs, to take back control of their total expenses.

To achieve this, more junior staff will be hired, the company's real estate footprint will be trimmed, and the number of copies of content and data stores across the globe will be reduced. Read on

The company faces diminishing numbers of subscribers base and competition from other giant streaming industries such as Walt Disney and Apple.

As its subscribers are fleeing and struggling with competitors such as Walt Disney Co and Apple Inc, the company is yet to respond to a request for comment.

Netflix plans to increase its subscriber base to 500 million customers in the next three years. However, the giant lost 970,000 subscribers from April through June, and its forecast for the current quarter was below Wall Street expectations.

As part of the second round of job cuts, Netflix laid off 300 employees in June, or about 4% of its workforce.

Based on the news report, the California-based company hires more junior employees - from interns to recent college graduates - as part of a new "emerging talent" recruitment initiative.