Netflix is cutting around 1,000 jobs, reducing its workforce by approximately six per cent. This is the streaming company’s largest round of job cuts since 2022. The cuts will mainly affect the product development, technology, legal and human resources departments.

As Netflix confirmed to TechCrunch, co-CEOs Ted Sarandos and Greg Peters informed staff of the cuts in an internal memo on 14 October. In the memo, they highlighted the need to deploy staff and resources in a more targeted manner. At the same time, the company stated that it intends to continue investing heavily in areas that improve the service and enable further growth.

The job cuts are taking place against a backdrop of increasingly fierce competition for the public’s attention. In addition to films and series, Netflix is increasingly focusing on ad-supported content, live events, games and video podcasts in order to boost usage of its platform. At the same time, the group is under pressure to secure its long-term growth.

Netflix is set to present its next quarterly results on 20 October. These are expected to provide further insights into the company’s business performance and strategic priorities.