Netflix has said it will cut 1,000 jobs globally as the streaming giant faces competition from rivals.
The cuts – the steepest since 2022 – will mainly affect its human resources, legal, product and technology teams and equates to around 6% of its total workforce.
Last month, Netflix ‘s co-chief executive, Ted Sarandos, told the Bloomberg Screentime summit that the company was “not growing as fast as I want us to”.
The streaming industry is going through a period of consolidation following Paramount’s $110bn (£83.6bn) merger with Warner Bros, the owner of HBO, while free platforms such as YouTube and TikTok continue to attract viewers.
In an email to staff, Sarandos and co-chief executive Greg Peters said Netflix would “continue to invest aggressively in high-impact areas to improve our service and further drive growth and innovation”.
Netflix had come close to its own deal with Warner Bros but was outbid in the end by Paramount.
Commenting on the “organisational changes”, Sarandos and Peters said: “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.”
Managers will tell employees whether their job has been cut “soon”.
