Netflix is laying off about 6% of its staff, impacting nearly 1,000 employees across product, tech, legal, and HR departments.
The cuts were confirmed following an internal memo from co-CEOs Ted Sarandos and Greg Peters amid a shifting streaming market.
The company confirmed the cuts, which will primarily affect technology, product development, legal services and human resources, in an internal memo sent by company chiefs Ted Sarandos and Greg Peters.
Competition and lost deals
The layoffs come at a time when the platform is facing intense competition from social media apps like TikTok, Instagram and YouTube for users' time and attention. In fact, reports have reported that YouTube has surpassed Netflix in average daily viewing time.
It also came after the company failed to acquire Warner Bros. Discovery's studios and streaming services, losing the bid to Paramount Skydance.
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The economic course
To address the challenges and boost its revenue, Netflix has raised prices, expanded its subscription option with ads, and invested in live broadcasts, sporting events, games, and artificial intelligence features.
The company recorded revenue of $45,2 billion, with advertising revenue exceeding $1,5 billion.
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