Netflix plans to eliminate approximately 1,000 jobs worldwide, equivalent to about 6% of its workforce, as the streaming company faces mounting competition for viewers and pressure to accelerate growth.
The job cuts, announced on Wednesday, October 14, 2026, represent Netflix’s largest round of layoffs since 2022. The reductions are expected to affect mainly its human resources, legal, product and technology departments.
In an email to employees, co-chief executives Ted Sarandos and Greg Peters said the company would remain focused on areas with the greatest potential to improve its service and drive innovation.
“Our mission — to entertain the world — is ambitious, and delivering on it requires us to be disciplined about where we prioritise our people and resources,” the executives said.
The announcement follows comments by Mr Sarandos at the Bloomberg Screentime summit last month, where he acknowledged that Netflix was “not growing as fast as I want us to”.
The company is navigating an increasingly competitive entertainment market, with free video platforms such as YouTube and TikTok attracting audiences and competing for viewing time.
The industry is also undergoing significant consolidation. Paramount recently completed its $110 billion acquisition of Warner Bros Discovery, which owns HBO, after Netflix withdrew from the bidding contest for the company’s studios and streaming assets.
Netflix has been exploring additional ways to expand its business, including advertising-supported subscriptions, live programming and gaming, while continuing to invest in content and technology.
Despite the planned reductions, Sarandos and Peters told staff that the company’s business remained strong and that it was on track to meet its full-year financial forecast.
Managers are expected to inform affected employees about their positions in the coming days.
