Netflix Eliminates About 1,000 Jobs in Biggest Cuts Since 2022
The cuts hit product, tech, legal and human resources teams as Netflix faces slower growth and rising competition in streaming.
- On Wednesday, Netflix co-CEOs Ted Sarandos and Greg Peters announced 1,000 layoffs, around 6 percent of the workforce, including Vice President of Film Doug Belgrad's departure.
- Sarandos acknowledged last month the company was "not growing as fast as I want us to," prompting the restructuring amid competition from YouTube and TikTok.
- Belgrad served as Film Chairman Dan Lin's key lieutenant since 2024, marking Lin's first major hire after replacing Scott Stuber; he previously spent over 25 years at Sony Pictures Entertainment Motion Picture Group.
- According to the company memo, leaders will contact impacted staff "soon," with cuts primarily affecting product, technology, legal, and HR teams to meet full-year forecasts.
- This marks Netflix's largest restructuring in four years, exceeding the 2022 layoffs of about 450 staff, as analyst Ross Benes noted the firm remains reliant on subscription revenue approaching a plateau.
176 Articles
176 Articles
abc 7 Newsabc 7 LANetflix is laying off 6% of its workforce in biggest round of job cuts at streaming giant in years
Netflix plans to lay off about 6% of its workforce, amounting to nearly 1,000 positions, as the streaming giant makes wider “organizational changes.”
Netflix reorganizes resources: subscribers remain loyal, but growth slows down. Between advertising, sports and direct, the platform seeks time to view to increase revenues
The streaming giant will make a 6% cut in total employees, an action that affects the global workforce. Product, technology, legal and human resources teams are the most affected.
One day after announcing the purchase of the Spanish Football Team's broadcasting rights in the 2030 World Cup, the US streaming platform Netflix has begun to announce to its workers a layoffs plan that affects 6% of its global workforce, which means the departure of approximately 6% of its workforce. ... Continue reading "Netflix dismisses 1,000 employees in its biggest workforce restructuring since 2022"
Coverage Details
Bias Distribution
- 41% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
