Netflix lays off 1,000 people in biggest layoffs in years

Netflix has axed six per cent of its workforce, or roughly 1,000 employees.

Via Variety, the streamer confirmed the layoffs in an internal memo. Per the memo, most of the cuts are in the company’s product, technology, legal and HR teams. This is Netflix’s biggest round of layoffs since it let go of around 450 people in 2022.

Co-CEOs Ted Sarandos and Greg Peters say “decisions like these are never easy” but that its mission to “entertain the world […] requires us to be disciplined about where we prioritize our people and resources.” The executives add that they’ll “continue to invest aggressively in high impact areas to improve our service and further drive growth and innovation.”

This comes after Sarandos admitted just two weeks ago that Netflix is “not growing as fast as I want us to.” Part of Netflix’s efforts to drive growth have been to diversify its content slate with the likes of live programming, including NFL games and the exclusive reveal of Grand Theft Auto VI gameplay. That said, Netflix’s other gaming-related efforts haven’t paid off, with the streamer shuttering multiple studios over the past few years, including, most prominently, Night School Studio, mere weeks after it released its latest title, the interactive thriller Unhinged.

Netflix is set to report Q3 earnings next week, so more information on its content plans should come then.