Netflix will cut about 1,000 jobs globally, representing approximately 6% of the company's total workforce. This is the streaming giant's largest layoff since 2022.
The hardest-hit will be the human resources, legal, product and technology teams. Managers will notify employees if their positions have been eliminated.
The cuts are part of broader organizational changes at Netflix. The decision comes as the company faces competition from both traditional streaming platforms and free services like YouTube and TikTok.
Last month, Netflix co-CEO Ted Sarandos told the Bloomberg Screentime conference that the company “isn’t growing as fast as I want it to.”
In an internal email to employees, Sarandos and co-CEO Greg Peters said Netflix would continue to invest in areas that management believes can improve the service and support future growth and innovation.
“Our mission – to entertain the world – is ambitious, and fulfilling it requires us to be disciplined in prioritizing our people and resources,” Sarandos and Peters said.The cuts coincide with a period of consolidation in the entertainment sector. Paramount has struck a $110 billion deal to merge with Warner Bros., the owner of HBO. Netflix was also close to its own deal with Warner Bros., but was ultimately outbid by Paramount.
Netflix management has presented the changes as a way to direct more people and resources to the company's priorities. Affected employees will receive information about the future of their positions from their managers.
Sources: bbc.co.uk