Netflix is cutting around 1,000 jobs, or approximately 6% of its workforce, in its biggest round of layoffs since 2022.
The job cuts come as the streaming giant faces intensifying competition for users’ time in an increasingly consolidated media market.
Most of the layoffs will affect Netflix’s product, technology, legal and human resources teams, according to an email from co-chief executive officers Greg Peters and Ted Sarandos.
Netflix had around 16,000 full-time employees at the end of last year.
Earlier this year, Netflix lost the bidding war for Warner Bros. Discovery’s streaming and studio assets to Paramount Skydance.
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