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Netflix Eliminates About 1,000 Jobs in Biggest Cuts Since 2022
The cuts hit product, tech, legal and human resources teams as Netflix faces slower growth and rising competition in streaming.
- On Wednesday, Netflix co-CEOs Ted Sarandos and Greg Peters announced 1,000 layoffs, around 6 percent of the workforce, including Vice President of Film Doug Belgrad's departure.
- Sarandos acknowledged last month the company was "not growing as fast as I want us to," prompting the restructuring amid competition from YouTube and TikTok.
- Belgrad served as Film Chairman Dan Lin's key lieutenant since 2024, marking Lin's first major hire after replacing Scott Stuber; he previously spent over 25 years at Sony Pictures Entertainment Motion Picture Group.
- According to the company memo, leaders will contact impacted staff "soon," with cuts primarily affecting product, technology, legal, and HR teams to meet full-year forecasts.
- This marks Netflix's largest restructuring in four years, exceeding the 2022 layoffs of about 450 staff, as analyst Ross Benes noted the firm remains reliant on subscription revenue approaching a plateau.
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Shock at Netflix: In a large wave of terminations, the streaming giant cuts around 1000 jobs. This is how the streaming market leader reacts to a slower growth of its business. Netflix only increased prices in September. In Austria, the basic price rose from 8.99 to 10.99 euros per month.
·Vienna, Austria
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This is the largest reduction in the company since 2022.
Coverage Details
Total News Sources232
Leaning Left35Leaning Right30Center53Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 30%
C 45%
R 25%
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