Netflix plans about 1,000 job cuts, roughly 6% of its global workforce
In short
Netflix plans to cut about 1,000 jobs worldwide, roughly 6% of its workforce, according to Korean outlets citing US media reports. Product, technology, legal and human resources teams will be the main targets in its largest restructuring since 2022.
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Netflix plans to cut about 1,000 jobs worldwide, approximately 6% of its workforce, in its largest restructuring since 2022, Korean outlets reported, citing The Wall Street Journal and Reuters. The planned reductions mainly affect product, technology, legal and human resources teams. [ 1 , 3 , 5 , 6 ]
Co-chief executives Greg Peters and Ted Sarandos informed staff by email on October 14, US local time. They said the company's ambition to entertain the world required disciplined decisions about where to prioritize people and resources. Hankook Ilbo reported that the executives said Netflix would continue investing aggressively in areas with significant impact while making focused choices across the business. [ 1 , 6 ]
The reports placed the cuts against slowing growth and competition with YouTube and TikTok for audiences' viewing time. Chosun Ilbo, citing Netflix's July results material, reported that global viewing in the first half exceeded 97 billion hours, up 2% from the same period a year earlier. It said investors were scrutinizing the limited increase relative to expanded content investment. [ 3 , 6 ]
Netflix has broadened its content beyond films and dramas into live programming, sports broadcasts and video podcasts, while adding content from YouTube creators and pursuing streaming bundles, Yonhap reported. Despite the restructuring, management maintained that it could meet its annual financial outlook. The cuts were announced about a week before the company's quarterly earnings release. [ 1 ]
Inven reported that the cuts also affected Next Games, a Finnish mobile game developer Netflix acquired in 2022. The outlet cited a LinkedIn post by human resources employee Licia Prehn, who said she was leaving following the Netflix layoffs and looking for a new job. It said neither the overall gaming organization's cuts nor Next Games' total had been disclosed separately. [ 10 ]
Why it matters
The cuts come as Netflix faces slowing growth and competition for viewing time from YouTube and TikTok. Management nevertheless maintained that the company was on track to meet its annual financial outlook.
Key facts
- Netflix plans roughly 1,000 job cuts, about 6% of its workforce. [ 1 , 3 , 5 , 6 ]
- The cuts focus on product, technology, legal and human resources teams. [ 1 , 3 , 5 , 6 ]
- The co-CEOs announced the plan to staff on October 14, US local time. [ 1 , 3 , 6 , 10 ]
- Management maintained its annual financial outlook. [ 1 , 3 , 5 , 7 ]
Confirmed by several sources
Still unclear
- The number of job cuts across Netflix's gaming organization has not been disclosed separately. Inven reported an affected Next Games employee but said the total for gaming or that studio was not made public.