Netflix Eliminates About 1,000 Jobs in Biggest Cuts Since 2022
The streaming company said the cuts will mainly hit product, tech, legal and human resources teams as it shifts resources toward growth priorities.
- On Friday, Puck News reported that Netflix plans to cut approximately 5% of its workforce, with an official announcement expected as early as next week.
- Roughly 800 workers would be affected by this reduction, based on Netflix's total headcount of about 16,000 full-time employees at the end of last year.
- Netflix's last major round of layoffs occurred in 2022, when the company cut hundreds of jobs amid decelerating growth and a shrinking subscriber base.
- The streaming giant has been expanding beyond its subscription business, investing in advertising, live programming, and gaming to diversify revenue sources.
- YouTube captures a growing share of viewership and advertising spending, intensifying competitive pressure across the streaming market as media companies consolidate.
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Netflix to cut 6% of its workforce in biggest layoff at streaming giant in years
Co-CEOs Greg Peters and Ted Sarandos announced the job cuts in an internal memo seen by AP which read - "Decisions like these are never easy, and we don't take them lightly." Meanwhile, Netflix's profit has grown this year. In its second financial quarter, the company earned USD 3.4 billion.
Netflix Legend Behind ‘Stranger Things’ and ‘Sabrina’ Is Officially Out
Netflix has reportedly laid off four of its top executives, including the legendary Carolina Garcia (via THR). The news comes amidst the streamer’s biggest layoff since 2022, which is set to reduce 6% of the company’s total workforce. Garcia was the director of the original series division and handled top shows like Stranger Things and […] This post belongs to FandomWire and first appeared on FandomWire
The company announced the measure by means of a memorandum sent to its workers; the decision was made after having recorded profits below what was expected
Netflix Lays Off 1,000 People as Woke Streaming Giant Struggles to Keep Viewers
Netflix laid off 1,000 workers on Wednesday, representing 6 percent of its global staff and marking the streaming platform’s largest cutback since 2022. Staff members were told the layoffs would […]
Netflix to cut about 1,000 jobs in largest layoffs to date
Netflix is cutting roughly 6% of its workforce, or about 1,000 jobs, in its largest round of layoffs to date, according to an employee memo. The cuts will fall most heavily on its product, technology, legal and human resources teams. Co-CEOs Ted Sarandos and Greg Peters announced the organizational changes in an email to employees […]
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