Disney layoffs 2023: Layoffs of 7000 employees begin in Walt Disney, first round underway
Disney layoffs: Disney announced the layoff of 7,000 employees. The company took this decision to save $ 550 million (Rs 45.2 thousand crores) in cost and make the streaming business profitable. The entertainment industry is currently going through a deep crisis.
Why did the retrenchment of 7000 employees start in Walt Disney?
The layoffs have already begun at Walt Disney. Earlier this year, it announced the layoff of 7000 employees. According to Walt Disney Chief Executive Bob Iger, the company has taken this decision to control costs and create a more streamlined business. This layoff will affect some of the company’s important divisions such as Disney Entertainment, Disney Parks, Experiences and Products, and Corporate. Retrenchment has started in the company from Monday and it has not yet affected ESPN, but the possibility of retrenchment in the next round cannot be ruled out.
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Walt Disney will have more second-round layoffs next month
According to the chief executive of the company, information is being sent to all the employees who are to be retrenched in the next four days. Now after this, the second round of selection will happen in the next month of April 2023. The retrenchment of the second round will be bigger than the first, which means more employees will be retrenched. The company has not disclosed when the layoffs will happen, but Reuters has learned from sources that it could happen before the company’s annual meeting of shareholders on April 3. In a letter to employees, Bob Iger wrote that the final round of layoffs would begin before the start of summer.
Why Walt Disney and other video streaming companies are going through a deep crisis?
Walt Disney announced the layoff of 7,000 employees in February. The company took this decision to save $ 550 million (Rs 45.2 thousand crores) in cost and make the streaming business profitable. The entertainment industry is currently going through a deep crisis. This is not only happening with Disney but also with many other companies like Netflix. Last year in 2022, Netflix suffered a loss for the first time in ten years. Wall Street also began to prioritize profits over subscriber growth, which added to the woes of video streaming companies.
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