In brief
Netflix’s latest round of redundancies will see 1,000 employees lose their jobs, a level not seen since 2022. The cuts target human‑resources, legal, product and technology teams. Executive Ted Sarandos and Greg Peters said the move will help the streaming tithe stay disciplined while investing in high‑impact areas. Analysts warn that the company’s reliance on subscriptions could soon hit a ceiling, pushing Netflix to diversify revenue streams. Despite the layoffs, Netflix remains on course to hit its financial forecasts for the quarter.
Netflix will cut 1,000 jobs globally, a move reflected as the platform’s largest workforce reduction since last year. The layoffs represent around 6% of the company’s total staff and will mainly affect its human‑resources, legal, product and technology departments.
Co‑chief executive Ted Sarandos told Bloomberg’s Screentime summit that Netflix “is not growing as fast as I want us to.” In its latest email to employees, Sarandos and Greg Peters explained that the company will continue to invest aggressively in high‑impact areas to “improve our service and further drive growth and innovation.”
The cuts come at a time of intensified competition. Paramount’s recent $110bn merger with Warner Bros., along with free platforms like YouTube and TikTok, are drawing audiences away from subscription‑based streaming.
Sarandos and Peters emphasized that the company’s mission—to entertain the world—requires disciplined allocation of people and resources. Managers will inform employees of their job status “soon.”
Netflix remains on track to meet its financial forecasts and is set to report its results on 20 October. While the company continues to launch hit shows such as “Below,” it also explores new revenue avenues, including gaming and advertising, to offset the plateauing of its subscription model.
The last major round of redundancies occurred in 2022, when the company trimmed about 450 jobs after a dip in subscribers for the first time in over a decade.
