Netflix Cuts 1,000 Jobs and Fires Content Chief
Netflix is laying off 6% of its workforce and replacing its content leadership to combat declining subscriber engagement and slowing revenue growth.
Netflix fired its content chief and several other top executives while cutting 1,000 jobs, representing a layoff of 6% of its workforce. This restructuring is the company's largest organizational shake-up since 2022 and follows the release of its latest quarterly earnings.
The cuts come as the company faces slowing revenue growth and a decline in subscriber engagement. Hours watched per subscriber dropped 4% year-over-year, and viewing of the top 100 original titles fell 20%. Previous attempts to diversify into gaming, podcasts, and live events failed to offset a lack of recent breakout hits.
Netflix aims to regain market share from competitors like YouTube by refocusing on high-quality movies and television series. The company's stock has declined nearly 50% over the past year. A new content leadership team is expected to implement these revised strategies by 2027.
