Netflix is cutting 6 per cent of its global workforce in the largest workforce restructure since 2022.
The majority of job cuts will be in Netflix’s product, tech, legal and human-resources teams.
“Our mission – to entertain the world – is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources,” co-CEOs Greg Peters and Ted Sarandos said in an email to staff.
“Our business is strong and growing, and we remain on track to deliver our full-year forecast.”
The cuts come amid Netflix’s declining share price, which this year alone has dropped by 25 per cent.
Wall Street has gone cold on Netflix due to the streaming service hitting a subscriptions ceiling in its major markets, including the US, and its failed bid to acquire Warner Bros. Discovery, which is joining Skydance.
Meanwhile, Netflix has made a major foray into broadcasting live sports.
It has secured the rights to broadcast all 104 matches of the 2030 World Cup in host country Spain, and Andorra.
Spain is co-hosting the tournament with Portugal and Morocco, while Argentina, Uruguay and Paraguay will also stage matches to celebrate the tournament’s centenary.
Netflix has agreed to broadcast one game for free in Spain throughout the tournament.
Netflix has previously shown live sporting events such as WWE Wrestling, NFL matches and boxing, but nothing of this magnitude.
It also holds the rights to the 2027 and 2031 editions of the women’s World Cup in the United States and Canada.
With its deep pockets, Netflix’s foray into live sports will alert local TV broadcasters across the world. In Australia, SBS has secured the rights to the 2030 FIFA World Cup, but future editions are up for grabs.
