Netflix Lays Off 6 Percent of Staff
Joe Flint and Jessica Toonkel, reporting for The Wall Street Journal last week: Netflix is cutting 6% of its staff, or roughly 1,000 positions globally, its biggest round of layoffs since 2022, as it struggles with slowing growth and customer engagement. Co-Chief Executives Greg Peters and Ted Sarandos said in an email to employees Wednesday morning that the bulk of the cuts would be in the…
Netflix has announced it will be cutting 6% of its staff, or approximately 1,000 positions worldwide, marking its largest round of layoffs since 2022. The reduction in workforce is a direct response to the streaming giant's struggle with stagnant growth and dwindling customer engagement, according to Co-Chief Executives Greg Peters and Ted Sarandos.
In an email to employees, they revealed that the majority of the cuts will target the company's product, technology, legal, and human resources teams. While these cuts may affect teams responsible for creating popular features such as Netflix's iOS app Duo support, the core issue, according to Peters and Sarandos, appears to be Netflix's belief that it has reached its peak and that their content is lacking.
To further address these challenges, Netflix has also announced that its Chief Content Officer, Bela Bajaria, is departing the company amidst the ongoing struggles with growth and viewer engagement.
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