Netflix cuts about 6% of jobs – the largest layoff since 2022

Netflix is laying off 6% of its workforce, or roughly 1,000 employees, in the biggest cut since 2022 due to fierce competition for viewers.

According to Reuters with a reference to an email sent to employees on Wednesday, October 14, by Netflix CEOs Greg Peters and Ted Sarandos, the bulk of the cuts will affect the technical, legal, human resources and production department of Netflix.

“Our mission to entertain the world is ambitious, and to accomplish it, we need to be disciplined in how we prioritize our people and resources. Our business is strong and growing and we continue to deliver on our full-year forecasts, the memo said.

The streaming giant has faced doubts this year about its ability to support the growth of the media industry. User engagement, or the amount of time they spend on Netflix, has become a key factor for investors as platforms like YouTube and TikTok attract viewers with free content created by users, giving them a competitive edge over Netflix.