Netflix to cut 1,000 jobs worldwide

Netflix is set to shed 1,000 jobs worldwide, marking the biggest round of cuts since 2022, as the streaming service faces mounting competition from rivals. The layoffs primarily impact human resources, legal, product, and technology teams, accounting for roughly 6% of the company's entire workforce. In a recent Bloomberg Screentime summit, co-CEO Ted Sarandos stated that the company is not growing as rapidly as desired.

The streaming sector is undergoing consolidation following the $110 billion merger between Paramount and Warner Bros, owners of HBO. Executives emphasized that while Netflix intends to invest heavily in high-impact areas to enhance service and drive growth, the company remains committed to being disciplined with resource allocation.

Managers will inform employees of job cuts promptly. Netflix aims to meet its financial projections, which are due for release on October 20. Despite attempts to diversify revenue streams, such as gaming and advertising, the company continues to rely heavily on subscriptions, which may be reaching a saturation point. The last major round of layoffs occurred in 2022, when Netflix eliminated approximately 450 positions following a decline in subscriber numbers for the first time in over a decade.