Streaming giant Netflix is cutting about 1,000 jobs, or about 6% of its total workforce, in one of the largest layoffs in the company’s history, as the platform’s growth and viewership slow.
Streaming giant Netflix is cutting about 1,000 jobs, or about 6% of its total workforce, in one of the largest layoffs in the company’s history, as the platform’s growth and viewership slow.
This is reported by Forbes with reference to the WSJ. According to the publication, most of the cuts will fall on product development, technology, legal and HR departments. This wave of layoffs was the largest one-time reduction in staff at Netflix since 2022.
“Overall, we are not growing as fast as I would like, and we are working to accelerate this process. At the same time, the business is thriving and developing well,” the co-chairman of the board noted at the time.
Although the announcement of the cuts did not significantly change the price of the securities at the opening of trading, the value of the streaming shares has fallen by about 22% since the beginning of the year. Analysts attribute this to cooling audience interest and reduced transparency of reporting.
The platform’s subscriber base reached 325 million at the beginning of the year, the last time the company officially released user numbers.
Recall that the extended gameplay preview of Grand Theft Auto VI on the streaming platform Netflix caused a rapid increase in the number of pre-orders. In just one day, demand for the game increased by more than 400%, with the PlayStation 5 console becoming the absolute leader in the number of reservations.
