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Netflix Chief Product Officer Eunice Kim to Depart, CTO Steps In

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Netflix announced Wednesday that Eunice Kim, its chief product officer since 2023, will leave the company. Chief Technology Officer Elizabeth Stone will assume the role on an interim basis.

Kim, who joined Netflix in 2021, led the consumer product innovation team and played a key role in reshaping the platform’s connected-TV interface, unveiled in May to simplify navigation and improve user experience. She also contributed to major growth initiatives such as Netflix’s ad-supported plan, helping the company grow its membership from 200 million to over 300 million subscribers during her tenure.

“Over the past five years, we grew the business together… by successfully launching and scaling many major growth initiatives, including the ads plan,” Kim reflected in a statement.

Before joining Netflix, Kim held senior product roles at Google Play and YouTube.

Netflix continues to perform strongly, beating second-quarter earnings expectations and raising its annual revenue guidance in July, though much of the forecast boost came from currency tailwinds rather than stronger demand. The company is pushing into advertising as a way to attract price-sensitive customers, though it has said ads won’t be a primary revenue driver this year.

The streamer has also moved into live programming, including WWE wrestling, as part of its strategy to diversify content and expand its audience base.

Streaming Surpasses Broadcast and Cable TV Viewing in US for the First Time

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Streaming services have overtaken traditional broadcast and cable television in the United States, capturing a larger share of viewers in May than the two combined, according to Nielsen’s monthly report, The Gauge, released Tuesday.

In May, streaming accounted for 44.8% of total TV usage in the U.S., marking a significant milestone in the shift toward digital platforms. Leading the charge, YouTube alone held a 12.5% share of all television viewing, the highest for any streaming service.

Free ad-supported streaming services such as PlutoTV, Roku Channel, and Fox’s Tubi also gained traction, collectively attracting 5.7% of total TV viewers, Nielsen said.

In comparison, traditional broadcast TV accounted for 20% of viewership, while cable TV held 24% in May.

The rise of streaming, which accelerated during the COVID-19 pandemic as viewers sought home entertainment options, underscores a fundamental change in how audiences consume content. On-demand viewing is increasingly favored over scheduled programming, reshaping the media landscape and affecting both advertisers and content creators.

Paramount to Cut 3.5% of U.S. Workforce Amid Industry Disruption

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Paramount Global is set to lay off 3.5% of its U.S. workforce as part of ongoing efforts to adjust to sweeping changes in the media industry, according to an internal memo reviewed by Reuters. The job cuts, announced to employees on Tuesday morning, may eventually extend to some international staff, the memo from the office of Paramount’s three co-CEOs indicated.

This new round of layoffs follows a previous 15% staff reduction announced in August 2024. The moves come as Paramount, like many traditional media companies, faces mounting challenges due to the rapid shift away from cable television toward streaming platforms such as Netflix. The company’s leadership cited the broader “generational disruption” affecting the industry as millions of consumers continue to abandon pay-TV subscriptions.

“We are taking the hard, but necessary steps to further streamline our organization starting this week,” co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins stated in the memo.

As of December 31, 2024, Paramount employed approximately 18,600 people globally. CNBC first reported the latest job cuts on Tuesday.

The layoffs occur as Paramount is in the midst of attempting a major corporate merger. The company has proposed an $8.4 billion deal with Skydance Media, led by billionaire David Ellison. However, regulatory approval for the merger remains pending. Complicating matters is a $10 billion lawsuit filed by former U.S. President Donald Trump against CBS News, part of Paramount Global, over allegations that a 2020 interview with then-vice president Kamala Harris was deceptively edited to her advantage.