Netflix to lay off 1,000 staff in steepest cuts since 2022

What the report says

Netflix has announced it will cut about 1,000 jobs worldwide, a reduction that the BBC said amounts to roughly 6% of its global workforce and is its largest round of layoffs since 2022. The cuts are set to hit several areas, including human resources, legal, product and technology, as the company responds to tougher competition in the streaming market.

According to the BBC, co-chief executives Ted Sarandos and Greg Peters told staff the company would keep investing in areas that support service improvements and growth, while also being more selective about where it directs people and resources. Managers are expected to inform affected employees soon. Netflix said it remains on track to meet its financial forecasts.

The announcement comes as streaming companies face slower growth and more competition from platforms such as YouTube and TikTok. The BBC noted that Netflix has been trying to broaden its business through advertising and gaming, while investors continue to watch engagement levels closely. Sarandos recently said the company is not growing as quickly as he would like.

The last major redundancy round at Netflix was in 2022, when it cut about 450 jobs after losing subscribers for the first time in more than a decade. The latest move is likely to be watched as a sign of how the company is adjusting to a more crowded and consolidation-driven media market.