Netflix, the popular online streaming platform, is set to reduce expenses by USD 300 million this year, which will have implications for the company's hiring efforts. 

The primary driver behind this cost-cutting initiative is the delay in implementing measures to tackle password sharing, which has been rescheduled from the first quarter to the second quarter of this year, as per IANS citing the Wall Street Journal.

The report states that as a result of this shift in plans, the anticipated revenue that Netflix had originally expected from the initiative will now be realised in the latter half of the year.

"The company urged staff earlier this month to be sensible with their spending, including in relation to hiring, but noted that there would not be a hiring freeze or additional layoffs," the report added.

As mentioned in the IANS report, earlier this year, the streaming company initiated its crackdown on password sharing in Canada, New Zealand, Portugal, and Spain.

Netflix is gearing up to implement its long-awaited crackdown on password sharing in the United States, with plans to introduce the 'paid sharing' feature by or before June 30. Initially scheduled for the first quarter of the year, the streaming company's efforts to curb password sharing will finally come into effect this summer.