Netflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in years
Netflix is laying off approximately 6% of its workforce, totaling about 1,000 employees, as part of a strategic shift to prioritize high-impact areas. Despite strong financial performance, the company is adjusting to increased competition in the streaming market.
Why it matters
This move underscores the volatility of the streaming industry and the pressure on major platforms to maintain profitability amidst market saturation.
Netflix plans to lay off about 6% of its workforce, amounting to nearly 1,000 positions, as the streaming giant makes wider “organizational changes.”
Co-CEOs Greg Peters and Ted Sarandos announced the job cuts in a memo to employees Wednesday. They said the company's product, tech, legal and human resources teams would be the most impacted.
"Decisions like these are never easy, and we don’t take them lightly," Peters and Sarandos wrote in the memo, which was obtained by The Associated Press. They maintained business was strong — but that Netflix needed to be “disciplined about where we prioritize our people and resources" as it invests in future growth and “high impact areas to improve our service.”
Beyond the memo from its chief executives, Netflix declined to comment further about Wednesday's cuts.
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