Netflix plans to lay off around 5% of its workforce

Netflix is planning to lay off approximately 5% of its workforce, with an official announcement expected next week.

The streaming giant's last major round of layoffs took place in 2022, when the company dismissed hundreds of employees amid slowing growth and a decline in subscriber numbers.

Netflix had approximately 16,000 full-time employees at the end of last year.

The company is currently seeking to diversify its revenue streams by investing in advertising, live streaming and gaming, expanding its business beyond subscriptions.

These initiatives form part of Netflix's efforts to broaden its offerings and develop additional sources of revenue in an increasingly competitive streaming market.