Netflix cuts 1,000 jobs in largest reduction since 2022
Layoffs affect mainly HR, legal, product and technology teams and represent about 6% of Netflix's workforce.
Netflix said it will eliminate 1,000 jobs worldwide as it faces mounting pressure from rivals in the streaming sector. The layoffs — the largest for the company since 2022 — will mainly affect human-resources, legal, product and technology teams and amount to roughly 6% of Netflix's total workforce.
Company cites slower growth and an evolving market
Last month, co-CEO Ted Sarandos told attendees at the Bloomberg ScreenTime summit that the company "isn't growing as fast as I'd like." The remark underscored internal concerns about subscriber growth and revenue pace amid a shifting competitive landscape.
The streaming industry is undergoing consolidation after the merger of Paramount with Warner Bros, the owner of HBO, in a deal worth 110 billion dollars. At the same time, free platforms such as YouTube and TikTok continue to draw viewers away from paid services.
Netflix had been close to securing its own acquisition of Warner Bros, but Paramount ultimately offered more and won the deal. That failed takeover bid, industry consolidation and rising competition have increased pressure on Netflix's outlook.
Company executives say the cuts are intended to reduce costs and refocus investment as the firm adapts to slower growth and stronger rivals. The moves will affect teams that support product development and back-office operations rather than frontline content production.
Photo: press material from the event
