Bob Iger, the CEO of Disneyannounced the dismissal Of 7,000 employees in an effort to cut costs by $5.5 billion. Of course, he spent a few words of circumstance to motivate the decision: “I have great respect and appreciation for the dedication of our employees around the world. Even if it is necessary to face the challenges we face in the present, this decision was not made lightly.”
In addition to the layoffs, there will also be a big one internal reorganisation of the company, with the Disney Media and Entertainment Group, created by Bob Chapek, the previous CEO, which will be divided into three divisions: Disney Entertainment (will include Disney Studios, Disney+, Disney Animation, 20th Century Studios, Searchlight and Hulu); ESPN (which will also include ESPN+) and Disney Parks, experiences, and products.
Also the approach towards the video streaming service Disney+ will be less aggressive in seeking new subscribers, having lost 2.4 million subscribers in the recent quarter, largely due to the decline of Disney+ Hotstar in India, which hemorrhaged 3.8 million local subscribers . Overall, Disney reported $1.5 billion in losses in its recent fiscal quarter in its streaming business.
In short, Disney has inevitably joined the other major entertainment companies in the cost cutting after the inevitable post-pandemic drop in consumption, accentuated by global economic conditions that are not exactly rosy.
Be that as it may, Iger also gave some good news, announcing the arrival of a section dedicated to Avatar in Disneyland and talking about the sequels to Toy Story, Frozen and Zootopia.
#Disney #lay #employees #announced #CEO #Bob #Iger