In brief
Netflix said it will cut 1,000 jobs worldwide, about 6 % of its workforce, as competition from rivals intensifies and subscriber growth stalls. The cuts target HR, legal, product and technology teams. Company leaders reaffirmed commitments to high‑impact investment while warning of the need for new revenue streams. Analysts note Netflix remains reliant on subscription revenue that is approaching a plateau.
The streaming giant will eliminate roughly 1,000 roles worldwide, the sharpest cut since 2022, according to a company email sent to staff. The layoffs amount to about six percent of Netflix’s total workforce and will mainly hit human‑resources, legal, product and technology departments.
Co‑chief executives Ted Sarandos and Greg Peters said in the memo that the company “continues to invest aggressively in high‑impact areas to improve our service and further drive growth and innovation.” They added that the organisation must be disciplined to support its mandate of entertaining the world.
Netflix’s decision follows a broader industry consolidation, highlighted by Paramount’s £83.6 bn merger with Warner Bros., as well as the growing pull of free platforms like YouTube and TikTok. Earlier this year, the company’s first major layoff round in a decade saw about 450 jobs cut after a subscriber decline.
Analysts point out that Netflix’s subscription model is hitting a plateau, and the firm has struggled to find a reliable second stream of revenue. The company is experimenting with gaming, advertising and premium tiers, but those ventures have yet to offset subscriber stagnation.
The layoffs come before Netflix’s next earnings announcement on 20 October. Investors have been closely monitoring user engagement metrics—time spent per user—as a gauge of retention amid intense competition.
For those affected, the company said employees would be notified directly by managers about the status of their positions in the coming days.
