Netflix Announces Major Layoffs, Plans to Cut Nearly 1,000 Jobs

Netflix has reportedly announced plans to eliminate nearly 1,000 jobs, equivalent to approximately 6% of its workforce, as it looks to accelerate business growth and strengthen its position in the increasingly competitive streaming market. The job cuts are expected to affect employees across product, technology, legal and human resources departments. At the end of last year, Netflix had around 16,000 full-time employees. Co-CEOs Ted Sarandos and Greg Peters reportedly communicated the decision to employees through an email. The move is being viewed as one of the company’s biggest rounds of layoffs since it experienced subscriber losses in 2022.

The streaming giant is also working to diversify its revenue beyond traditional subscriptions by investing in advertising, live programming and gaming. However, concerns about slower-than-expected growth and a significant decline in its share price have put pressure on the company. Netflix recorded 97 billion viewing hours in the first half of the year, but investors reportedly remain concerned about its growth momentum. The company’s decision to publish engagement data once a year instead of twice has also drawn criticism from some market observers. In March, Netflix increased prices for its ad-free and ad-supported plans in the US market. These developments have added to concerns about the company’s business outlook and may have contributed to its latest restructuring decision.