Netflix Slashes 1,000 Jobs in Steepest Staff Reduction Since 2022

Netflix is cutting 1,000 jobs across the globe—roughly 6% of its total workforce—marking the streaming giant's steepest headcount reduction since 2022. According to BBC News - Entertainment & Arts, the terminations primarily hit the company’s legal, human resources, product, and technology divisions. In a memo sent to employees, co-CEOs Ted Sarandos and Greg Peters stated the reorganization was necessary to remain "disciplined about where we prioritise our people and resources" while continuing to fund high-impact investments. Sarandos tipped his hand last month at the Bloomberg Screentime summit, admitting the platform was "not growing as fast as I want us to." That tension is mounting across the board. Legacy Hollywood is consolidating in self-defense, evidenced by Paramount's massive $110 billion merger with Warner Bros—a deal Netflix attempted to make before getting outbid. At the same time, platforms like YouTube and TikTok are vacuuming up user attention without footing massive episodic production bills. Netflix has thrown resources at gaming and ad tiers to hedge against saturation, but there is no hiding the wall in front of them: the pure subscription model has hit its ceiling. Trimming corporate fat is the easiest way to soothe nervous shareholders when actual subscriber expansion stalls. Managers will begin notifying affected staff shortly. Netflix is scheduled to release its next quarterly financial results on October 20.