The company is responding to shifting viewer habits and the ongoing transition towards streaming platforms, announced after prior cuts earlier in 2023 as CEO Bob Iger seeks to save $5.5 billion.
Disney Announces Additional Layoffs Amid Cost-Cutting Measures
Disney Announces Additional Layoffs Amid Cost-Cutting Measures
Disney is laying off several hundred employees globally as part of ongoing cost reduction efforts within its film, television, and finance departments.
Disney has begun implementing another round of layoffs, affecting hundreds of employees across various departments, including film, television, and finance. This decision highlights the need for adjustment as the entertainment landscape shifts towards streaming, drawing viewers away from traditional cable subscriptions.
"The entertainment industry is evolving rapidly, and we must continuously explore ways to efficiently manage our operations while still fostering the creativity and innovation our consumers expect from Disney,” a spokesperson stated.
This latest wave of layoffs follows significant workforce reductions earlier this year, where around 7,000 jobs were eliminated as part of a broader strategy by CEO Bob Iger aimed at achieving substantial cost savings. The layoffs will impact numerous teams, particularly within the marketing departments of Disney's film and television branches, in addition to roles in casting, development, and corporate finance.
Despite the cuts, a spokesperson emphasized a careful approach was taken to limit affected employees, assuring that no teams would be entirely dismantled.
Disney, headquartered in California, boasts a workforce of 233,000, with over 60,000 employees based outside the United States. The corporation encompasses a variety of subsidiaries in the entertainment sector, including well-known entities such as Marvel, Hulu, and ESPN.
In its most recent financial reporting, Disney announced earnings that exceeded industry expectations, showcasing a revenue of $23.6 billion for the first quarter of the fiscal year—marking a 7% increase from the same timeframe in 2024. This growth can be attributed to a surge in subscribers for its Disney+ streaming service.
The company has also rolled out several major film releases this year, including titles like Captain America: Brave New World and the live-action retelling of Snow White. However, the latter's performance at the box office fell short of projections, affected by negative critical reception. In contrast, the recently launched animated feature Lilo & Stitch achieved remarkable success, earning over $610 million globally since its release in May, as reported by industry analytics source Box Office Mojo.
"The entertainment industry is evolving rapidly, and we must continuously explore ways to efficiently manage our operations while still fostering the creativity and innovation our consumers expect from Disney,” a spokesperson stated.
This latest wave of layoffs follows significant workforce reductions earlier this year, where around 7,000 jobs were eliminated as part of a broader strategy by CEO Bob Iger aimed at achieving substantial cost savings. The layoffs will impact numerous teams, particularly within the marketing departments of Disney's film and television branches, in addition to roles in casting, development, and corporate finance.
Despite the cuts, a spokesperson emphasized a careful approach was taken to limit affected employees, assuring that no teams would be entirely dismantled.
Disney, headquartered in California, boasts a workforce of 233,000, with over 60,000 employees based outside the United States. The corporation encompasses a variety of subsidiaries in the entertainment sector, including well-known entities such as Marvel, Hulu, and ESPN.
In its most recent financial reporting, Disney announced earnings that exceeded industry expectations, showcasing a revenue of $23.6 billion for the first quarter of the fiscal year—marking a 7% increase from the same timeframe in 2024. This growth can be attributed to a surge in subscribers for its Disney+ streaming service.
The company has also rolled out several major film releases this year, including titles like Captain America: Brave New World and the live-action retelling of Snow White. However, the latter's performance at the box office fell short of projections, affected by negative critical reception. In contrast, the recently launched animated feature Lilo & Stitch achieved remarkable success, earning over $610 million globally since its release in May, as reported by industry analytics source Box Office Mojo.
