Netflix plans to cut about 5% of its workforce as early as next week, report says

Netflix is preparing to lay off approximately 5% of its workforce, with an announcement imminent next week. The decision follows previous layoffs in 2022, which saw hundreds of jobs cut. As Netflix faces stiff competition in the streaming market, it is adapting by diversifying its revenue sources. The company has been investing in advertising, live programming, and gaming to strengthen its offerings.