What happened at Netflix?

Netflix has cut roughly 1,000 jobs, about 6% of its workforce, in its largest restructuring since 2022, according to The Wall Street Journal. The cuts hit technology, legal, and human resources teams. The company also dismissed Bela Bajaria, its chief content officer, who had overseen TV series, films, and live programming.

Why is Netflix cutting costs?

The streamer has struggled to find global hits this year, and its growth has slowed. Its U.S. user base fell 2%, and the stock has dropped more than 40% over the past year. Co-CEOs Greg Peters and Ted Sarandos told staff the company must decide carefully where to invest its people and resources.

Who is Bela Bajaria?

Bajaria led production on some of Netflix's most successful titles, including Squid Game, Stranger Things, and KPop Demon Hunters. Her exit comes as several key producers have left for rival studios. The Duffer Brothers moved to Paramount last year, and executive producer Sean Levy joined Disney.

How is Netflix performing against rivals?

According to Nielsen data cited by the New York Times, Netflix accounted for 7.8% of U.S. TV viewing time in July, down one percentage point from a year earlier. YouTube's share topped 14%. The company also lost its bid for Warner Bros. to Paramount, which analysts have cited as one reason for the stock decline.

For international fans

If you watch Squid Game or KPop Demon Hunters on Netflix, these changes could affect how the company funds future Korean and global productions. Netflix has not announced specific effects on existing titles.