Netflix plans to cut about 5% of its workforce — Channel NewsAsia

In the United States, Netflix plans to cut about 5% of its workforce and may announce this as early as next week. Channel NewsAsia reports this, citing a Puck News publication and people familiar with the matter.

Company does not comment on report

Netflix declined to comment on information about possible layoffs. At the end of last year, the company had approximately 16,000 full-time employees.

More current news is available on the UA.News Telegram channel Telegram.

The previous major round of layoffs at Netflix took place in 2022. At that time, the streaming service dismissed hundreds of employees amid slowing growth and subscriber losses.

Competition in the streaming market

The company operates amid increasingly fierce competition in the streaming services market, where media companies are consolidating and YouTube is increasing its share of viewing and advertising spending. Netflix is also expanding beyond the subscription model, investing in advertising, live broadcasts and video games to diversify its revenue sources.