In brief
Netflix announced its steepest workforce cut since 2022, slicing about 1,000 positions—roughly 6% of staff—amid a dip in subscriptions and rising competition from Disney+, HBO Max, TikTok and YouTube. The cuts target HR, legal, product and tech teams, while top executives pledge to focus resources on high‑impact projects and new revenue streams such as gaming and advertising. Analysts point to a looming subscription plateau and the need for diversified income.
Netflix saw its biggest cut in years… 1,000 jobs announced
The streaming giant just told employees it will cut about 6 % of its workforce—roughly 1,000 positions—after a decline in subscriptions and growing competition from rivals like Disney+, HBO Max and free platforms such as TikTok and YouTube.
Who’s affected? Mostly the HR, legal, product and tech departments. Sarandos and co‑chief Greg Peters said the cuts will let Netflix invest more heavily in high‑impact projects.
The move comes as the industry consolidates, amid the recent Paramount‑Warner Bros merger, and while Netflix looks to new revenue streams such as gaming and advertising.
“Our mission—to entertain the world—is ambitious, and delivering on it requires us to be disciplined about where we prioritise our people and resources,” both executives added.
You can expect news on Netflix’s financial results on 20 Oct, and analysts warn that a subscription plateau means the company needs fresh income sources.
