Disney is on a cost-cutting spree, laying off hundreds of employees worldwide in its film, television, and finance sectors. This move comes as the company confronts the growing trend of viewers abandoning cable TV for streaming services. A spokesperson emphasized the need to manage the business efficiently while fostering creativity–a cornerstone of Disney’s brand.
This round of layoffs follows major job cuts from earlier in 2023 when approximately 7,000 employees lost their jobs in an effort to save $5.5 billion. The recent cuts will particularly affect marketing teams for various film and TV projects, alongside some roles in casting, development, and corporate finance. However, the company reassured that no departments will be entirely shut down.
Disney's workforce consists of around 233,000 employees, with over 60,000 based outside the U.S. The media powerhouse owns numerous popular brands, including Marvel, Hulu, and ESPN. Despite the layoffs, Disney reported robust earnings of $23.6 billion for the first quarter of 2024, a 7% increase compared to the previous year, partly thanks to the growing subscriber base for its Disney+ streaming service.
This year has also seen the release of several anticipated films, such as "Captain America: Brave New World" and "Snow White," with their latest offering, “Lilo & Stitch,” achieving remarkable success at the box office, raking in over $610 million globally since its debut in May.
