Netflix Lays Off 1,000 Employees and Removes Film Chair

Netflix removed film chair Dan Lin and laid off approximately 1,000 employees, representing about 6% of its global workforce. This workforce reduction is the largest the company has conducted since 2022.

Lin joined the company in 2024 to diversify film output and implement cost discipline, overseeing projects including "Happy Gilmore 2" and "KPop Demon Hunters." His departure follows the recent exit of chief content officer Bela Bajaria. Peter Rice, a former executive at Disney and Fox, replaced Bajaria and will oversee the film department until a permanent successor is appointed.

The restructuring occurs as the company faces a stock price decline of over 40% over the past year. Netflix is currently contending with slowing engagement growth and increased competition from social video creators and ad-supported platforms such as YouTube.