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Entertainment company Disney has announced it will be letting hundreds more employees go across various departments including film, television and financial services.
Disney has said it will be laying off hundreds of employees across the globe in order to cut costs and soften current financial pressures.
The company has reportedly been feeling the stress of industry changes, as more consumers move from cable television to streaming platforms.
This latest news comes after Disney already enforced major layoffs in 2023, letting go of 7,000 workers in order to save $5.5 billion USD.
Disney has its own streaming service called ‘Disney Plus’ which boasted 7.6 million UK customers as of 2024 after struggling to retain customers over the previous few years. While it is a success, the service may not be able to completely replace the revenue of its previous business models from decades prior.
According to an interview with the BBC, a spokesperson said that the company was ‘continuing to evaluate ways to efficiently manage our business while fuelling the state-of-the-art creativity and innovation that consumers value and expect.’
The latest round of job losses will impact various divisions, including the marketing department for films and television, casting, and corporate finance positions.
Disney was quick to stress that no team will be shut down in its entirety.
In terms of sheer workers, Disney is huge. It has 233,000 staff members, with 60,000 being outside the US. It owns many franchises and companies across the entertainment sector, including big-hitters like Marvel and ESPN.
The company’s recent string of live-action remakes of classic animated films have not been too successful with critics. Its recent Snow White adaptation was a commercial and critical failure, for example, ultimately resulting in a net loss for Disney.
