In a recent move to streamline its workforce, Disney has revealed that it will be laying off several hundred employees worldwide, affecting personnel in its film, television, and finance sectors. This decision follows significant layoffs initiated earlier this year and is part of an ongoing effort to adapt to the changing landscape of entertainment consumption.
Disney Announces Additional Layoffs Amid Cost-Cutting Measures
Disney Announces Additional Layoffs Amid Cost-Cutting Measures
Disney continues to restructure, announcing hundreds more layoffs across its global operations.
The company has faced considerable challenges as audiences increasingly shift from traditional cable subscriptions to streaming services, prompting a need for more efficient management. A spokesperson for Disney emphasized the company's focus on maintaining innovation while minimizing the impact on existing employees: “We have been surgical in our approach to minimise the number of impacted employees.” The latest cuts are said to include several teams within marketing and corporate finance but will not involve the complete shutdown of any departments.
Disney's workforce counts around 233,000 globally, including over 60,000 outside the United States. The entertainment titan, known for its acquisitions of Marvel, Hulu, and ESPN, is navigating a competitive market. Despite recent upheaval, the company reported strong earnings in May, with revenues reaching $23.6 billion, reflecting a 7% increase from the previous year fueled by a growing subscriber base for Disney+.
In 2023, the company had already laid off approximately 7,000 employees to save $5.5 billion as per CEO Bob Iger's strategy. Earlier this year, Disney released several films, including the much-anticipated Captain America: Brave New World and Snow White, the latter of which did not meet box office expectations due to critical backlash. However, its recent animated offering, Lilo & Stitch, has exceeded projections, earning over $610 million globally since its May release.
Disney faces a dynamic market requiring swift adaptations and cost-cutting measures to remain competitive in a rapidly shifting entertainment environment.
Disney's workforce counts around 233,000 globally, including over 60,000 outside the United States. The entertainment titan, known for its acquisitions of Marvel, Hulu, and ESPN, is navigating a competitive market. Despite recent upheaval, the company reported strong earnings in May, with revenues reaching $23.6 billion, reflecting a 7% increase from the previous year fueled by a growing subscriber base for Disney+.
In 2023, the company had already laid off approximately 7,000 employees to save $5.5 billion as per CEO Bob Iger's strategy. Earlier this year, Disney released several films, including the much-anticipated Captain America: Brave New World and Snow White, the latter of which did not meet box office expectations due to critical backlash. However, its recent animated offering, Lilo & Stitch, has exceeded projections, earning over $610 million globally since its May release.
Disney faces a dynamic market requiring swift adaptations and cost-cutting measures to remain competitive in a rapidly shifting entertainment environment.
