In a bid to salvage a shifting industry landscape, Disney has announced yet another round of layoffs, affecting several hundred workers worldwide. The decision to cut jobs primarily targets its film, television, and finance departments, reflecting the ongoing transition as audiences increasingly abandon traditional cable TV in favor of streaming services.
Disney in Turmoil: Additional Layoffs Amid Cost-Cutting Measures
Disney in Turmoil: Additional Layoffs Amid Cost-Cutting Measures
Disney faces mounting challenges as it announces more layoffs across its global operations, primarily affecting film, television, and finance sectors.
"Amid this rapid industry transformation, we are consistently assessing how to manage our resources efficiently while delivering innovative and creative offerings that align with consumer expectations," commented a Disney spokesperson. This move follows substantial layoffs in 2023, which saw approximately 7,000 positions eliminated, part of CEO Bob Iger's initiative to realize savings of $5.5 billion (£4.1 billion).
The latest job reductions are described as "surgical," indicating a careful approach to minimize overall impact, with no departments being completely dissolved. While redundancies will affect various teams, including marketing for film and television, casting, development, and corporate finance, Disney maintains that the breadth of its workforce, totaling 233,000, will remain intact.
Despite the financial strain, Disney reported promising earnings earlier this year, with a revenue increase of 7%, amounting to $23.6 billion during the first quarter. This growth has been attributed to an uptick in Disney+ subscriptions, bolstered by successful film releases such as "Captain America: Brave New World" and box office triumph "Lilo & Stitch," which racked up over $610 million globally since its May debut. Disney continues to navigate a landscape of change, determined to uphold its legacy within the entertainment industry.
The latest job reductions are described as "surgical," indicating a careful approach to minimize overall impact, with no departments being completely dissolved. While redundancies will affect various teams, including marketing for film and television, casting, development, and corporate finance, Disney maintains that the breadth of its workforce, totaling 233,000, will remain intact.
Despite the financial strain, Disney reported promising earnings earlier this year, with a revenue increase of 7%, amounting to $23.6 billion during the first quarter. This growth has been attributed to an uptick in Disney+ subscriptions, bolstered by successful film releases such as "Captain America: Brave New World" and box office triumph "Lilo & Stitch," which racked up over $610 million globally since its May debut. Disney continues to navigate a landscape of change, determined to uphold its legacy within the entertainment industry.
