Netflix plans a substantial round of layoffs as the streaming giant faces rising competition and pressure to retain its subscribers, according to people familiar with the job cuts. The cuts are expected to impact 5% of the company's workforce, which could be 800 workers, according to one of the sources who were not authorized to comment. The job losses will affect the creative team including those working on features, the source said. Netflix declined to comment. The planned cuts are believed to be the biggest at the Los Gatos company since 2022. The news was first reported by news outlet Puck.
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