In a continued effort to streamline operations, Disney has announced that several hundred employees will be laid off globally, impacting its film, television, and finance sectors. This decision comes as the company faces mounting pressure from shifting viewer tendencies toward streaming platforms over traditional cable subscriptions.
Disney Implements Additional Job Cuts Amid Industry Shifts
Disney Implements Additional Job Cuts Amid Industry Shifts
Disney announces layoffs as part of a strategic cost-cutting effort amid changing viewer habits and a surge in streaming services.
"Given the rapid transformations in our industry, we continually assess ways to effectively manage our operations while still driving the creativity and innovation that audiences expect from Disney," stated a company spokesperson. These layoffs follow earlier cuts in 2023, which saw about 7,000 employees let go as part of a broader initiative by CEO Bob Iger to achieve $5.5 billion in savings.
Personnel reductions will specifically target various teams, including those involved in marketing for both film and television sectors, as well as casting, development, and corporate finance departments. The spokesperson emphasized a targeted approach to minimize overall job losses, ensuring no complete team closures occurred.
Disney, which employs around 233,000 individuals globally, is not only a leader in entertainment but also owns prominent divisions such as Marvel, Hulu, and ESPN. The company reported robust earnings in May, showcasing a revenue of $23.6 billion for the first quarter of 2024—reflecting a 7% increase from the same time last year, largely attributed to the success of its Disney+ platform and recent film releases, including "Captain America: Brave New World" and the record-breaking "Lilo & Stitch."
Personnel reductions will specifically target various teams, including those involved in marketing for both film and television sectors, as well as casting, development, and corporate finance departments. The spokesperson emphasized a targeted approach to minimize overall job losses, ensuring no complete team closures occurred.
Disney, which employs around 233,000 individuals globally, is not only a leader in entertainment but also owns prominent divisions such as Marvel, Hulu, and ESPN. The company reported robust earnings in May, showcasing a revenue of $23.6 billion for the first quarter of 2024—reflecting a 7% increase from the same time last year, largely attributed to the success of its Disney+ platform and recent film releases, including "Captain America: Brave New World" and the record-breaking "Lilo & Stitch."
