Netflix is reportedly planning to cut around 5 per cent of its workforce – equivalent to around 800 staff – with an official announcement expected this week.
The streaming giant is navigating an increasingly competitive streaming market and diversifying its revenue sources, as media companies consolidate and YouTube captures a growing share of viewership and advertising spending, according to the report which originated in Puck News.
A report in The LA Times added that the proposed cuts would affect creative teams, including employees working on feature films.
The last major round of layoffs at Netflix came in 2022, when it axed some 450 staff following a 200,000 decline in subscribers.
Netflix has been expanding beyond its subscription business, investing in advertising, live programming and gaming to diversify its revenue sources.
Netflix has declined to comment on the rumours.
