In a significant move, Disney has revealed plans to lay off several hundred employees globally across its film, television, and finance sectors. This decision comes as the company grapples with a rapidly shifting media landscape, where traditional cable subscriptions are declining in favor of streaming services.
Disney Faces Renewed Layoffs Amid Streaming Shift
Disney Faces Renewed Layoffs Amid Streaming Shift
Disney announces hundreds of layoffs in response to changing viewer habits and ongoing cost-cutting measures.
The entertainment giant, striving to adapt to the evolving industry, has reiterated its commitment to balancing operational efficiency with the creative innovation that its audiences expect. A company spokesperson explained, "As our industry transforms at a rapid pace, we continue to evaluate ways to efficiently manage our businesses while fueling the state-of-the-art creativity and innovation that consumers value and expect from Disney." These recent layoffs build on a substantial round in 2023 when approximately 7,000 jobs were phased out in a bid to save $5.5 billion.
Affected roles include various teams in marketing for film and television, as well as positions in casting, development, and corporate finance. The spokesperson emphasized that the approach taken to these layoffs was "surgical" to minimize the impact on employees and confirmed that no teams will be entirely disbanded.
With its headquarters in California, Disney employs around 233,000 people, with a significant portion—over 60,000—working outside the United States. The entertainment powerhouse owns a diverse range of properties, including Marvel, Hulu, and ESPN.
Despite the layoffs, Disney experienced better-than-expected earnings in May, reporting a 7% increase in revenue to $23.6 billion during the first quarter of 2024. This growth was bolstered by an influx of new subscribers to the Disney+ streaming platform. Additionally, the company has had several successful film releases this year, including notable titles like "Captain America: Brave New World" and "Snow White." Most recently, the animated film "Lilo & Stitch" set box office records during the Memorial Day weekend, achieving global ticket sales exceeding $610 million, according to Box Office Mojo data.
Affected roles include various teams in marketing for film and television, as well as positions in casting, development, and corporate finance. The spokesperson emphasized that the approach taken to these layoffs was "surgical" to minimize the impact on employees and confirmed that no teams will be entirely disbanded.
With its headquarters in California, Disney employs around 233,000 people, with a significant portion—over 60,000—working outside the United States. The entertainment powerhouse owns a diverse range of properties, including Marvel, Hulu, and ESPN.
Despite the layoffs, Disney experienced better-than-expected earnings in May, reporting a 7% increase in revenue to $23.6 billion during the first quarter of 2024. This growth was bolstered by an influx of new subscribers to the Disney+ streaming platform. Additionally, the company has had several successful film releases this year, including notable titles like "Captain America: Brave New World" and "Snow White." Most recently, the animated film "Lilo & Stitch" set box office records during the Memorial Day weekend, achieving global ticket sales exceeding $610 million, according to Box Office Mojo data.
