As Disney continues to adapt to a rapidly changing media landscape, the entertainment powerhouse has revealed plans to lay off several hundred employees from its film, television, and finance departments. This decision marks another phase in a series of cost-cutting measures initiated earlier this year.
Disney Announces Additional Layoffs Amid Industry Shifts
Disney Announces Additional Layoffs Amid Industry Shifts
Disney's global workforce faces cuts as the company navigates evolving entertainment demands.
The company, which has felt the crunch from shifting viewer preferences toward streaming services over traditional cable TV, is focusing on restructuring to enhance operational efficiency while maintaining its creative edge. A spokesperson commented on Disney's commitment to managing its resources judiciously, stating, "As our industry transforms at a rapid pace, we continue to evaluate ways to efficiently manage our businesses while fuelling the state-of-the-art creativity and innovation that consumers value and expect from Disney."
These latest layoffs add to the approximately 7,000 jobs eliminated in 2023, as CEO Bob Iger aims to trim $5.5 billion from company expenses. Affected teams include marketing, casting, and development in various sectors, though the company insists it is taking a targeted approach to minimize redundancies, ensuring no complete team closures.
Despite these layoffs, Disney reported better-than-expected earnings with a revenue of $23.6 billion in Q1 2024—a 7% increase attributed to a rise in Disney+ subscriptions. The company also achieved notable box office results with new releases such as "Lilo & Stitch," which recently shattered records during the Memorial Day weekend, generating over $610 million globally. However, other ventures, like the live-action "Snow White," faced challenges with disappointing box office numbers and critical reception.
With a global workforce of approximately 233,000, of which over 60,000 are outside the US, Disney remains a significant player across various segments of the entertainment industry, owning brands like Marvel, Hulu, and ESPN. The continued adjustments reflect the company's efforts to remain competitive in a constantly evolving marketplace.
These latest layoffs add to the approximately 7,000 jobs eliminated in 2023, as CEO Bob Iger aims to trim $5.5 billion from company expenses. Affected teams include marketing, casting, and development in various sectors, though the company insists it is taking a targeted approach to minimize redundancies, ensuring no complete team closures.
Despite these layoffs, Disney reported better-than-expected earnings with a revenue of $23.6 billion in Q1 2024—a 7% increase attributed to a rise in Disney+ subscriptions. The company also achieved notable box office results with new releases such as "Lilo & Stitch," which recently shattered records during the Memorial Day weekend, generating over $610 million globally. However, other ventures, like the live-action "Snow White," faced challenges with disappointing box office numbers and critical reception.
With a global workforce of approximately 233,000, of which over 60,000 are outside the US, Disney remains a significant player across various segments of the entertainment industry, owning brands like Marvel, Hulu, and ESPN. The continued adjustments reflect the company's efforts to remain competitive in a constantly evolving marketplace.
