The specter of layoffs also revolves around Disney. The company just announced, through a video conference hosted by executive director Bob Iger, its intention to lay off 7,000 employees to resist the current economic scenario that haunts technology companies.
Iger said change is “necessary to address the challenges we face today.” Another deciding factor for the closures was the declining pace of growth of Disney Plus streaming, which has registered only 200,000 new subscribers between the United States and Canada, for a total of 46.6 million users.
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With the challenges of this economic landscape, Iger estimates that it will cost $5.5 billion for the entire company. In addition, the CEO is developing a new division for Disney products, with three categories: Disney Entertainment, ESPN and Disney Parks Experiences and Products.
Billionaire moves: Disney grows in revenue, but loses in operations
Disney’s consumer direct division (which also includes streaming services) saw a 13% increase in revenue to $5.3 billion. On the other hand, the company suffered an operating loss of about $1.1 billion, money attributed to higher costs from Disney Plus and Hulu.
“Our current forecasts indicate that Disney Plus will achieve profitability by the end of fiscal 2024, and achieving that result remains our goal,” concluded Bob Iger.
Through: The limit
Other Big Techs also suffered cuts
The post One more: Disney plans to lay off 7,000 employees first appeared on Olhar Digital.
Source: Olhar Digital
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
