In recent updates, Disney has confirmed the layoff of several hundred employees worldwide, primarily affecting its film, television, and finance divisions. The layoffs come as a strategic response to the ongoing industry transformation, with a spokesperson emphasizing the need for efficiency to maintain the high standards of creativity and innovation expected by consumers. This latest round follows earlier layoffs in 2023 when around 7,000 employees were let go as part of a cost-saving initiative by CEO Bob Iger, aiming to reduce expenses by $5.5 billion.
The affected teams span marketing, casting, development, and corporate finance, but Disney has assured that no entire departments will be shuttered. With a global workforce of approximately 233,000—over 60,000 of whom are located outside the U.S.—these cuts are aimed at minimizing disruption while recalibrating the company's operational strategies.
Despite facing challenges, including mixed box office performances, Disney reported stronger-than-expected earnings in May, posting $23.6 billion in revenue for the first quarter of 2024. This represented a 7% increase from the same timeframe in the previous year, largely attributed to a surge in Disney+ subscribers.
While Disney's live-action remake of Snow White struggled at the box office, its animated feature Lilo & Stitch found considerable success, grossing over $610 million globally since its release in May, according to Box Office Mojo data. As Disney continues to evolve and respond to market dynamics, its commitment to creativity and innovation remains a central focus.
The affected teams span marketing, casting, development, and corporate finance, but Disney has assured that no entire departments will be shuttered. With a global workforce of approximately 233,000—over 60,000 of whom are located outside the U.S.—these cuts are aimed at minimizing disruption while recalibrating the company's operational strategies.
Despite facing challenges, including mixed box office performances, Disney reported stronger-than-expected earnings in May, posting $23.6 billion in revenue for the first quarter of 2024. This represented a 7% increase from the same timeframe in the previous year, largely attributed to a surge in Disney+ subscribers.
While Disney's live-action remake of Snow White struggled at the box office, its animated feature Lilo & Stitch found considerable success, grossing over $610 million globally since its release in May, according to Box Office Mojo data. As Disney continues to evolve and respond to market dynamics, its commitment to creativity and innovation remains a central focus.
