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Netflix has said it will cut 1,000 jobs globally as the streaming giant faces competition from rivals.<\/b><\/p>\n
The cuts – the steepest since 2022 – will mainly affect its human resources, legal, product and technology teams and equates to around 6% of its total workforce.<\/p>\n
Last month, Netflix ‘s co-chief executive, Ted Sarandos, told the Bloomberg Screentime summit that the company was “not growing as fast as I want us to”.<\/p>\n
The streaming industry is going through a period of consolidation following Paramount’s $110bn (\u00a383.6bn) merger with Warner Bros, the owner of HBO, while free platforms such as YouTube and TikTok continue to attract viewers.<\/p>\n
In an email to staff, Sarandos and co-chief executive Greg Peters said Netflix would “continue to invest aggressively in high-impact areas to improve our service and further drive growth and innovation”.<\/p>\n
Netflix had come close to its own deal with Warner Bros but was outbid in the end by Paramount<\/a>.<\/p>\n Commenting on the “organisational changes”, Sarandos and Peters said: “Our mission – to entertain the world – is ambitious, and delivering on it requires us to be disciplined about where we prioritise our people and resources.” <\/p>\n Managers will tell employees whether their job has been cut “soon”. <\/p>\n<\/div>\n