Netflix is cutting about 1,000 jobs, or 6% of its workforce, in its biggest layoff round since 2022. The Wall Street Journal reported the cuts on Wednesday, citing an email sent to employees.
The reported layoffs come as Netflix faces intense competition in the global streaming market. The company competes for viewers’ time as media businesses expand their digital offerings. However, Netflix did not immediately respond to Reuters’ request for comment.
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According to the Wall Street Journal, most job cuts will affect several key departments. These include product, technology, legal and human resources teams. Co-Chief Executive Officers Greg Peters and Ted Sarandos informed employees about the decision in an email on Wednesday morning.
Netflix had around 16,000 full-time employees at the end of last year. The reported reduction would affect a significant share of its workforce. The company has not publicly confirmed the reported job cuts or provided further details.
Meanwhile, Netflix continues to expand beyond its traditional subscription business. The streaming company has invested in advertising, live programming and gaming. These areas could help diversify its revenue sources as competition for audiences grows.
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Netflix also recently competed for Warner Bros Discovery’s streaming and studio assets. However, it lost the bidding contest to Paramount Skydance earlier this year. The deal marked a major development in the ongoing consolidation of the global media industry.
Paramount completed its $110 billion acquisition of Warner Bros earlier this month, according to the report. The transaction brought major news and film studios under a larger media business. Netflix’s reported layoffs come as streaming companies navigate growing competition and changing business priorities.