Netflix to lay off approximately 1,000 staff amid intensifying competition
Netflix is cutting about 6% of its workforce, totaling nearly 1,000 employees. The majority of the affected roles are reportedly within the product, tech, legal, and human resources departments.
Netflix has confirmed plans to lay off approximately 1,000 employees, representing about 6% of its global workforce. The cuts will primarily affect the company's product, technology, legal, and human resources departments.
In a statement, the streaming giant indicated it will "continue to invest aggressively in high impact areas" to enhance its services and expects to meet its full-year financial forecast. Co-CEOs Ted Sarandos and Greg Peters reportedly stated in an internal memo that fulfilling their mission requires "discipline about where we prioritize our people and resources."
The layoffs follow a period of intense competition for user attention, with social media platforms like TikTok and Instagram, as well as YouTube, increasingly challenging traditional streaming services. Netflix recently lost a bidding war for Warner Bros. Discovery's assets to Paramount Skydance.
Market research indicates that social apps are gaining on Netflix in terms of user engagement, with YouTube reportedly surpassing the service in viewing time. These workforce reductions are the most significant since 2022, reflecting broader industry pressures as companies vie for audience attention in a crowded digital landscape.