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Disney laying off 7,000 staff but doubling down on streaming
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Disney is laying off 7,000 members of staff as it seeks to cut $5.5 billion (£4.5 billion) in costs.
Returning Disney CEO Bob Iger announced the news that he would be laying off 4 percent of the company’s global workforce at anearnings reporton Wednesday. He didn’t specify exactly where these cuts would be made.
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The Disney stalwart unveiled a new operating structure that would break the company down into three main divisions: Disney entertainment, ESPN, and Disney Parks experiences and products. This will mean that all of the company’s content production and distribution efforts (excluding sports) will be housed under one metaphorical roof.
He also placed streaming at the centre of this revamped Disney, revealing that “Our priority is the enduring growth and profitability of our streaming business”.
This renewed focus comes just asDisney Plussubscriber numbers have started to slow. The lucrative streaming platform, which is home to various Marvel and Star Wars-based movies and TV shows, added a mere 200,000 subscribers in its domestic US market during the latest quarter, and 1.2 million internationally.
While revenues are up for the division containing Disney Plus, it sustained an operating loss of $1.1 billion. It seems a prolific streaming platform got expensive to run in late 2022, just like most other things.
All the same, Iger expects Disney Plus to “hit profitability by the end of fiscal 2024”.
“We must return creativity to the center of the company, increase accountability, improve results and ensure the quality of our content and experiences,” said Iger.
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Jon is a seasoned freelance writer who started covering games and apps in 2007 before expanding into smartphones and consumer tech, dabbling in lifestyle and media coverage along the way. Besides bein…
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Founded in 2003, Trusted Reviews exists to give our readers thorough, unbiased and independent advice on what to buy.
Today, we have millions of users a month from around the world, and assess more than 1,000 products a year.
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We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
