Layoffs and a change of guard at Netflix – what's going on?

Netflix has laid off a thousand employees, including long-time content chief Bela Bajaria, amid concerns about stagnant viewership and competition from platforms like YouTube. Despite financial growth, the company faces pressure to produce more engaging content. The streaming service's market share has declined, prompting a leadership change with Peter Rice stepping in as the new content head. Rice aims to create major hits while maintaining Netflix's focus on exclusive, high-quality productions. The company is also adapting its strategy to counteract declining viewer engagement and competition.