Business · Companies · 2 hrs ago
Netflix cuts jobs and changes content leadership as growth slows
Netflix laid off about 1,000 employees, roughly 6% of its workforce, and replaced content chief Bela Bajaria with Peter Rice.
The changes come as co-CEO Ted Sarandos says the company is not growing as quickly as he wants.
Viewers are spending less time on Netflix, while YouTube and TikTok compete for attention and the service looks for new hit shows to replace titles such as “Stranger Things.”
Netflix remains the world’s most-watched paid streaming service, with more than 325 million subscribers, but its shares have fallen and investors are concerned about future growth.
The job cuts and leadership change signal pressure to improve engagement and content momentum, though the company has not said they guarantee a turnaround.
Some analysts see advertising, live sports, bundles and video games as possible ways to accelerate growth.
Investors will look to Tuesday’s results and call for clues about content plans, viewing trends and how new revenue efforts are developing.
Netflix cut about 1,000 employees, roughly 6% of its workforce, in its largest round of layoffs in four years.
The company also replaced chief content officer Bela Bajaria with Peter Rice.
The changes came as Netflix faced slower growth, weaker viewing engagement and a falling share price.
Netflix is competing for viewers’ attention with services including YouTube.
Earlier reports had said Netflix planned to cut about 800 jobs, or 5% of its workforce.
- Who
- Netflix cut about 1,000 employees and replaced chief content officer Bela Bajaria with Peter Rice.
- What
- The company made major staff cuts and changed its content leadership as it sought to address slower growth.
- When
- The layoffs were reported on Oct. 14, 2026, and the leadership change followed on Oct. 15.
- Where
- The company-wide changes affected Netflix; the company is based in the United States.
- Why
- The sources cite slower growth, stagnant viewing time, a lack of new hit content and a falling share price.
This story does not have two clearly opposing sides.
Ted Sarandos said Netflix was not growing as fast as he wanted and was working to accelerate growth.
The Los Angeles Times reported that Netflix planned to cut 800 jobs, about 5% of its workforce.
Netflix cut about 1,000 employees, roughly 6% of its workforce.
Netflix replaced chief content officer Bela Bajaria with Peter Rice.
- Layoffs
- About 1,000 employees, roughly 6% of the workforce
- New content chief
- Peter Rice replaced Bela Bajaria
- Earlier reported plan
- 800 jobs, about 5% of the workforce
- Netflix U.S. TV viewing share
- 7.8% in July, according to Nielsen
- YouTube U.S. TV viewing share
- 14.2% in July, according to Nielsen
4 sources
What people are saying
overall, we’re not growing as fast as I want us to, and we’re working on making that move faster.
the deal itself kind of disrupted the company’s narrative for investors.
The shares are falling for a reason: there is a perception that engagement challenges will create obstacles to revenue growth.
Netflix’s mission is to entertain the world, and to achieve this we must carefully decide where to invest our people and resources.