Netflix will cut about 1,000 jobs worldwide, mainly in human resources, legal, product and technology, as slower subscription growth and tougher competition weigh on the streamer.
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01Summary
- 01The cuts are the steepest since 2022 and amount to around 6% of Netflix's total workforce.
- 02Ted Sarandos said last month that Netflix was "not growing as fast as I want us to".
- 03Netflix is facing competition from YouTube and TikTok, while the streaming sector is seeing consolidation after Paramount's $110bn merger with Warner Bros.
- 04The company said it remains on track to meet its financial forecasts and is due to report results on 20 October.
02Why it matters
The job cuts show that even a dominant streaming platform is under pressure from slower growth and rivals. Investors will be watching to see whether Netflix can keep expanding beyond subscriptions.
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