Netflix is reportedly eliminating about 1,000 jobs from its global workforce as the streaming company re-evaluates its workforce needs while seeking new ways to retain users.
According to the Wall Street Journal, the cuts are one of the company’s largest since 2022, and were announced to employees today by Co-Chief Executive Greg Peters and Ted Sara Sarandos. Notably, the majority of the layoffs will impact the product, technology, legal and human resources departments.
Netflix has been diversifying its content strategy beyond on-demand films and television adding live events, sports, video podcasts and content from YouTube creators.
It has also sought content distribution networks and joint packaging deals with rival streaming platforms.
The company has maintained a steady renewal hold on subscribers with the US cancellation rate at just over 2%, though Netflix shares have lost more than 40% over the past year, shifting its focus toward maintaining momentum and meeting shareholder demands.
The executives wrote in an email to staff, “Our mission — to entertain the world — is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources.”
Netflix is preparing to report its quarterly results next week. The co-CEOs told employees the business is positioned to achieve its full-year revenue and earnings targets.
