Netflix is planning to cut approximately 5% of its workforce, with an announcement expected as early as next week, according to a report by Puck News on Friday, citing people familiar with the matter. The streaming giant declined to comment on the report. The potential job cuts come as the company continues to navigate changes in the global entertainment industry.
Netflix’s last major round of layoffs took place in 2022, when the company eliminated hundreds of jobs amid slowing growth and subscriber losses. The streaming platform had approximately 16,000 full-time employees at the end of last year. If the reported cuts go ahead, they would mark another significant workforce reduction as the company reassesses its operations and business priorities.
The company faces growing competition in the streaming market, with media businesses consolidating and YouTube attracting an increasing share of viewership and advertising spending. To diversify its revenue streams, Netflix has been expanding beyond subscriptions into advertising, live programming and gaming. The reported workforce reduction comes as the company seeks to strengthen its position in an increasingly competitive entertainment landscape.
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