Disney is making waves again as the entertainment giant announces hundreds of layoffs across its global workforce, hitting film, television, and finance departments the hardest. As viewers flock to streaming platforms, the pressure intensifies on Disney to adapt to this shifting landscape.
A spokesperson stated, “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.” This announcement follows an earlier layoff of around 7,000 employees earlier in 2023, as part of a strategy by CEO Bob Iger aimed at saving approximately $5.5 billion (£4.1 billion).
Affected teams this time include marketing for film and television, along with casting, development, and corporate finance. Despite the cuts, Disney reassured that no teams will be dissolved entirely, and their surgical approach minimizes impact on employees.
Disney currently employs 233,000 workers globally, with over 60,000 based outside the US. Despite the layoffs, Disney recently showcased better-than-expected earnings, reporting $23.6 billion for the first quarter of 2024, a 7% increase driven largely by a boost in Disney+ subscribers.
This year, Disney has introduced multiple new films including "Captain America: Brave New World," although recent releases like the live-action "Snow White" faced critical backlash. In contrast, the animated "Lilo & Stitch" achieved remarkable success, grossing over $610 million worldwide since its release in May.
A spokesperson stated, “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.” This announcement follows an earlier layoff of around 7,000 employees earlier in 2023, as part of a strategy by CEO Bob Iger aimed at saving approximately $5.5 billion (£4.1 billion).
Affected teams this time include marketing for film and television, along with casting, development, and corporate finance. Despite the cuts, Disney reassured that no teams will be dissolved entirely, and their surgical approach minimizes impact on employees.
Disney currently employs 233,000 workers globally, with over 60,000 based outside the US. Despite the layoffs, Disney recently showcased better-than-expected earnings, reporting $23.6 billion for the first quarter of 2024, a 7% increase driven largely by a boost in Disney+ subscribers.
This year, Disney has introduced multiple new films including "Captain America: Brave New World," although recent releases like the live-action "Snow White" faced critical backlash. In contrast, the animated "Lilo & Stitch" achieved remarkable success, grossing over $610 million worldwide since its release in May.
