Joe Flint and Jessica Toonkel, reporting for The Wall Street Journal last week:
Netflix is cutting 6% of its staff, or roughly 1,000 positions globally, its biggest round of layoffs since 2022, as it struggles with slowing growth and customer engagement. Co-Chief Executives Greg Peters and Ted Sarandos said in an email to employees Wednesday morning that the bulk of the cuts would be in the streaming giant’s product, tech, legal and human-resources teams.
The layoffs may have hit those teams (including some of the talent that created the excellent Duo support for Netflix’s iOS app), but Peters and Sarandos seem to know where the fundamental problem lies: Netflix has peaked and their content blows.
Flint, in a follow-up report the next day, “Netflix Replaces Content Chief as It Struggles to Engage Viewers”:
Netflix’s Chief Content Officer Bela Bajaria is leaving the company, as it struggles with slowing growth and falling customer engagement.
Yours truly, back in August: “Netflix Has Peaked”.