Streaming company faces ⁠tough competition for viewers and engagement ⁠from legacy rivals ​and YouTube

Netflix is laying off 6% of its workforce, ⁠or roughly 1,000 employees, in its biggest cuts since 2022, according to an internal memo seen by Reuters, as the streaming pioneer faces ⁠tough competition for viewers ⁠from legacy rivals ​and YouTube.

The bulk of the job cuts would be in Netflix’s product, tech, legal and human-resources teams, the email co-CEOs Greg Peters and ⁠Ted Sarandos sent to employees on Wednesday showed.