Disney continues job cuts: says goodbye to hundreds of employees

The renowned entertainment company — Disney — has announced a new wave of mass layoffs on a global scale. The company stated it is forced to part ways with hundreds of employees working in its film, television, finance, and other key departments. This was reported by the AZƏRTAC agency.

According to the BBC, in recent years, a sharp decline in cable TV subscriptions and rising demand for streaming services have pushed Disney to make tough decisions.

“The entertainment industry is changing rapidly. We are looking for more efficient ways to run our business while maintaining the creativity and innovation our customers value,” a company spokesperson told the BBC.

These layoffs are being carried out as part of CEO Bob Iger’s $5.5 billion cost-cutting plan. It is worth noting that Disney already laid off 7,000 employees in 2023.

This new round of layoffs will affect areas such as marketing, casting, project development, and corporate finance in the film and television industry. However, the company emphasized that no department will be shut down entirely.

Currently, Disney, headquartered in California, employs over 233,000 people. More than 60,000 of them work outside the United States. Disney owns several global entertainment brands including Marvel, Hulu, and ESPN.

Additionally, in May of this year, Disney announced that it had earned $23.6 billion in revenue in the first quarter of the year. This is 7% more compared to the same period last year. The company attributed this to an increase in new subscribers to its Disney+ streaming service.

Experts believe these layoffs are part of Disney’s effort to adapt to market demands during its digital transformation. The company is now focusing heavily on modern technologies and digital content.