Disney has announced another round of layoffs, impacting several hundred employees globally, particularly in its film, television, and finance departments. The company is reeling from the transitions in viewer preferences, as subscriptions to cable TV fall sharply in favor of popular streaming platforms.
A spokesperson for Disney explained that the firm is consistently assessing its operations to optimize efficiency while still fostering the creativity and innovation that its audience has come to expect. The latest round of layoffs follows earlier cuts in 2023, which saw about 7,000 employees let go in a move orchestrated by CEO Bob Iger, intending to save $5.5 billion.
These layoffs will affect various teams, including marketing within film and television sectors, as well as casting, development, and corporate finance operations. Despite these cuts, Disney emphasized that no departments would be fully disbanded, and the approach to layoff decisions has been carefully considered to limit the number of employees affected.
With a workforce of approximately 233,000 employees, of which over 60,000 are based outside the United States, Disney maintains a diverse range of businesses, including major brands like Marvel, Hulu, and ESPN.
While the company has experienced significant challenges, it reported better-than-expected earnings of $23.6 billion for the first quarter of 2024, representing a 7% increase from the previous year, largely attributed to a rise in subscribers to its streaming service, Disney+. Additionally, some of its recent film releases, such as "Captain America: Brave New World" and "Snow White," have performed well, with the animated feature "Lilo & Stitch" achieving over $610 million in global box office sales since its May premiere.
