Netflix cuts 1,000 jobs as competition for viewers intensifies

Summarised from 8 outlets · Updated 14 Oct, 16:29 · Archive

Netflix is laying off roughly 1,000 employees, or 6% of its workforce, in its largest cuts since 2022.

Netflix announced on Wednesday that it is laying off roughly 1,000 employees, representing 6% of its workforce. The company said this is its largest round of layoffs since 2022, when it cut 150 positions in May and a further 300 in June.

The job cuts will primarily affect Netflix's product, technology, legal and human resources departments. The company employed approximately 16,000 full-time staff at the end of last year, according to its regulatory filings.

Co-CEOs Greg Peters and Ted Sarandos announced the layoffs in an internal memo to employees on Wednesday. They stated that the company's 'mission – to entertain the world – is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources'. They assured staff that 'our business is strong and growing, and we remain on track to deliver our full-year forecast', and said Netflix would 'continue to invest aggressively in high-impact areas to improve our service and further drive growth and innovation'.

The layoffs come amid growing concerns about Netflix's ability to sustain growth. The company's share price has fallen approximately 40–43% over the past 12 months and is down about 25% so far this year. The company had 325 million subscribers worldwide as of the latest reports.

Netflix faces intensifying competition from platforms including YouTube, TikTok and Instagram, which are attracting audiences with free, user-generated content. According to market research reports, YouTube has surpassed Netflix in average daily viewing time in 2025, and social apps like TikTok are catching up to Netflix in user engagement. Bloomberg reported over the summer that Netflix's biggest shows were losing more than half their viewers after just one season.

The company's growth has also slowed amid a saturated North American market and competition from legacy media rivals. An unsuccessful bid for Warner Bros Discovery's streaming and studio assets earlier this year fuelled further doubts about Netflix's strategy. Paramount completed a $110 billion acquisition of Warner Bros to form Skydance earlier this month. Analyst Ross Benes from eMarketer commented that Netflix 'haven't been able to find like another line of major revenue', noting the company remains dependent on a subscription business that may be approaching saturation.

Netflix's stock rose 0.7–1% following the layoff announcement. The company is scheduled to report quarterly earnings on Tuesday.

How it is being reported

• Netflix is laying off around 1,000 employeesFollowing a report last week that Netflix was planning to lay off five percent of the company, today the streamer's co-CEOs Ted Sarandos and Greg Peters announced in an email that it would actually be laying off six percent of its workforce, or around 1,000 employees, according to Variety, which obtained a copy of the […]The Verge · 14 Oct, 16:12
• Netflix to lay off about 1,000 employees in biggest cuts since 2022Streaming company faces tough competition for viewers and engagement from legacy rivals and YouTube Netflix is laying off 6% of its workforce, or roughly 1,000 employees, in its biggest cuts since 2022, according to an internal memo seen by Reuters, as the streaming pioneer faces tough competition for viewers from legacy rivals and YouTube. The bulk of the job cuts would be in Netflix’s product, tech, legal and human-resources teams, the email co-CEOs Greg Peters and Ted Sarandos sent to employees on Wednesday showed. Continue reading...The Guardian · 14 Oct, 16:10
• Netflix cuts 1,000 jobs as CEOs tell employees ‘business is strong and growing’The streaming pioneer had approximately 16,000 staff members at the end of last yearIndependent World · 14 Oct, 15:57
• Netflix to lay off 1,000 staff amid intensifying competition for user attentionNetflix said most of the cuts would affect its product, tech, legal, and human resources departments.TechCrunch · 14 Oct, 15:55
• Netflix is cutting 6% of its workforce as its revenue growth slowsThe layoffs will affect the company's product, tech, legal and HR teams, Netflix leaders said in a memo to employees.CBS News · 14 Oct, 15:49
• Netflix to cut 1,000 jobs as growth concerns mountStreaming group faces pressure to boost viewer engagement after shares fall more than 40% in a yearFinancial Times · 14 Oct, 15:09
• Netflix is laying off roughly 6% of its workforceNetflix will lay off roughly 6% of its workforce, according to a memo obtained by CNBC.CNBC · 14 Oct, 15:06
• Netflix fires 1,000 workers as it struggles to keep audiences watching: reportNetflix is reportedly laying off 1,000 workers – the streaming giant’s biggest cuts since 2022.New York Post · 14 Oct, 14:59

In this story: Netflix · Greg Peters · Ted Sarandos · YouTube · TikTok · Warner Bros Discovery · Paramount · Skydance

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem