Netflix to slash roughly 5% of staff as early as next week
Netflix plans to reduce its workforce by about five percent, potentially beginning within days.
The streaming service intends to cut roughly five percent of its employees, a move that could start as soon as next week. The company last trimmed staff in 2022 after growth slowed and subscriber numbers fell. With around 16,000 full-time workers at the end of last year, the layoffs represent a significant reduction. Netflix is facing heightened competition as media firms merge and platforms like YouTube draw more viewers and ad dollars. To offset pressure, it is expanding into advertising, live content and gaming.
Why it matters
The cuts signal Netflix's response to intensifying competition and a shift toward diversified revenue streams.
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