NewzNetflix is cutting approximately 6% of its global workforce, amounting to roughly 1,000 employees, in its largest reduction in staff since 2022. According to an internal memo seen by Reuters, the layoffs will primarily impact the company's human resources, legal, product, and technology teams.
The streaming giant is executing the cuts as it faces heightened competition from industry rivals. At the same time, the company has been attempting to expand its business model beyond traditional subscriptions by investing in advertising tiers, live programming, and gaming.
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