In the wake of a rapidly transforming entertainment industry, Disney is executing additional layoffs impacting several hundred employees across its film, television, and finance divisions. This move comes as the company responds to a significant decline in traditional cable subscriptions, with viewers increasingly favoring streaming services.
A Disney spokesperson confirmed that the firm is continually assessing its operations to manage costs while maintaining the high levels of creativity and innovation expected by consumers. This strategy is part of a larger initiative led by CEO Bob Iger, who previously announced the termination of around 7,000 jobs in a bid to save approximately $5.5 billion.
The current layoffs affect diverse teams, including marketing for film and television, casting, development, and corporate finance. Disney assures that they are adopting a careful approach to minimize the impact on employees, stating that no entire departments will be shut down as a result.
With around 233,000 employees globally, Disney's extensive workforce includes over 60,000 individuals situated outside of the United States. Despite the layoffs, the company reported encouraging earnings in May, with a notable revenue of $23.6 billion in the first quarter of 2024—reflecting a 7% year-on-year growth, largely attributed to a rise in subscribers to its Disney+ streaming service.
This year, Disney has released various films, including the much-anticipated Captain America: Brave New World and the live-action adaptation of Snow White. Their animated film Lilo & Stitch achieved remarkable success, surpassing box office records during the Memorial Day weekend and accumulating over $610 million in global sales since its debut.
As Disney navigates this new landscape, it faces the crucial challenge of balancing cost-cutting measures with its commitment to storytelling and audience engagement.
A Disney spokesperson confirmed that the firm is continually assessing its operations to manage costs while maintaining the high levels of creativity and innovation expected by consumers. This strategy is part of a larger initiative led by CEO Bob Iger, who previously announced the termination of around 7,000 jobs in a bid to save approximately $5.5 billion.
The current layoffs affect diverse teams, including marketing for film and television, casting, development, and corporate finance. Disney assures that they are adopting a careful approach to minimize the impact on employees, stating that no entire departments will be shut down as a result.
With around 233,000 employees globally, Disney's extensive workforce includes over 60,000 individuals situated outside of the United States. Despite the layoffs, the company reported encouraging earnings in May, with a notable revenue of $23.6 billion in the first quarter of 2024—reflecting a 7% year-on-year growth, largely attributed to a rise in subscribers to its Disney+ streaming service.
This year, Disney has released various films, including the much-anticipated Captain America: Brave New World and the live-action adaptation of Snow White. Their animated film Lilo & Stitch achieved remarkable success, surpassing box office records during the Memorial Day weekend and accumulating over $610 million in global sales since its debut.
As Disney navigates this new landscape, it faces the crucial challenge of balancing cost-cutting measures with its commitment to storytelling and audience engagement.
