Netflix Plans Substantial Layoffs, Sources Say
The Netflix logo is shown in this photo from the company’s website, in New York, Feb. 2, 2023. (Richard Drew / Associated Press)
By Wendy Lee
Staff Writer
Netflix Faces Competitive Pressures, Prepares for Substantial Layoffs
Netflix is set to implement a substantial round of layoffs, according to sources familiar with the decision. The streaming giant is responding to increased competition and the need to maintain subscriber numbers.
The cuts are projected to affect approximately 5% of Netflix's workforce, potentially impacting around 800 employees, as per one source who requested anonymity. This move will notably target the creative team, including those involved in feature production.
A representative from Netflix declined to comment on the matter. These anticipated layoffs are believed to be the largest at the Los Gatos-based company since 2022. The news was initially reported by The Los Angeles Times.
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