Netflix lays off approximately 1,000 employees

Streaming service Netflix has announced it will lay off approximately 1,000 employees, equating to six percent of its global workforce. The latest reductions represent the company's largest workforce reduction to date. Previously, in May 2022, Netflix cut 150 jobs, followed by an additional 300 jobs in June 2022, as it sought to reduce costs amid slower revenue growth.

The current layoffs will primarily affect staff within the product, technology, human resources, and legal departments. The information comes from a memo obtained by Variety, sent to employees by co-CEOs Ted Sarandos and Greg Peters.

The move occurs as the streaming industry faces increasing competition and pressure from investors to demonstrate profitability. Companies across the media and technology sectors have been undergoing workforce adjustments in response to evolving market dynamics and economic conditions.