Key facts
- Netflix is planning to cut approximately 5% of its global workforce, or about 850 jobs.
- An announcement regarding the layoffs is expected as early as next week.
- The company had about 16,000 full-time employees at the end of last year.
- Netflix declined to comment on the report.
Netflix is reportedly planning to cut approximately 5% of its global workforce, which amounts to about 850 jobs, as part of an organizational restructuring. An announcement regarding the layoffs is expected as early as next week, according to Puck News, citing people familiar with the matter.
The streaming giant had about 16,000 full-time employees at the end of last year. The company is navigating an increasingly competitive streaming market, with media companies consolidating and YouTube capturing a growing share of viewership and advertising spending. Netflix has been expanding beyond its subscription business, investing in advertising, live programming, and gaming to diversify its revenue sources.