Netfflix
Netflix to lay off 1,000 employees as competition from YouTube, TikTok intensifies
Streaming giant Netflix is reportedly planning to lay off around 1,000 employees, representing approximately 6% of its workforce, amid intensifying competition from rival platforms.
According to CNBC, the job cuts are expected to primarily affect the company's product, technology, legal and human resources (HR) teams.
In an email to employees, Netflix co-CEOs Ted Sarandos and Greg Peters emphasised the need to prioritise resources while continuing to invest in the company's growth and innovation.
“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,” the executives wrote, as quoted by CNBC.
They added that Netflix's business remained strong and growing, with the company on track to meet its full-year financial forecast.
“We’ll continue to invest aggressively in high impact areas to improve our service and further drive growth and innovation,” the executives said.
The email also highlighted the need to make focused business decisions to ensure the company continues delivering value to its members, partners, employees and investors.
Netflix is reportedly scheduled to announce its quarterly earnings on October 20.
The proposed job cuts are being described in reports as the company's steepest since 2022, reflecting a period of continued restructuring and intense competition in the entertainment industry.
The streaming platform is facing growing pressure to retain viewers' attention as YouTube and TikTok compete for audiences through digital video and short-form content.
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