Netflix Announces Massive Restructuring, Cutting 800 Jobs

It is reportedly about 5 percent of the total workforce.
After the outcry that "there is nothing to watch despite pouring 300 million won per episode into talent fees"... Netflix cuts '800 employees' as a severe wave of layoffs hits. Daum | Herald Business [Herald Business = Reporter Park Se-jeong] "I just flip through the remote and find nothing left to watch" (Netflix user). A 'red light' has been flashed for Netflix, which once dominated the global over-the-top (OTT) market. As growth slowdown becomes a reality due to pressure from YouTube, the company is undertaking a large-scale workforce reduction of 5% of its total employees. Netflix has been driving up domestic production costs by pouring more than 300 million won per episode into the appearance fees of famous actors...