Disney announces major layoffs in film and TV departments amid streaming shift
The Walt Disney Company has announced it will be cutting jobs across the world, with the film and TV departments particularly affected
The Walt Disney Company is set to implement global layoffs, affecting hundreds of employees across varying sectors.
A company spokesperson revealed to the BBC that a shift in customer preferences toward streaming services and away from traditional cable television has contributed to pressure on the business. The forthcoming layoffs come on the heels of prior cutbacks that saw 7,000 Disney workers lose their jobs in 2023. Both film and television divisions are slated for workforce reductions.
This news arrives as Disney celebrates the unveiling of its latest theme park venture in Abu Dhabi, United Arab Emirates. It will be a fusion of classic Disney narratives with local cultural influences, marking the seventh such Disney resort.
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In a statement, a Disney representative noted: "As our industry transforms at a rapid pace, we continue to evaluate ways to efficiently manage our businesses while fuelling the state-of-the-art creativity and innovation that consumers value and expect from Disney."
Impacted departments will range from marketing and casting to development for both film and television, in addition to corporate finance. A diverse portfolio of brands falls under Disney's umbrella, including Hulu, ESPN, and Marvel, reports the Irish Star.
Headquartered in California, Disney boasts a global employee count of 233,000, with around 60,000 based internationally.
Despite significant cuts, no complete team eliminations will occur, according to the spokesperson: "We have been surgical in our approach to minimise the number of impacted employees."
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The company posted robust earnings in May, with a total revenue of $23.6 billion for the first quarter, marking a 7% increase from the previous year.
Earlier this year, Disney put some of its forthcoming live-action films on hold following the box office flop of Snow White. The remake of the 1937 classic had a budget of $270 million but only raked in $150 million at the global box office.
The film also faced controversy due to its stars Rachel Zegler and Gal Gadot, and it scored a mere 40% on Rotten Tomatoes.
Disney unveiled plans for a live-action Tangled film last year, but it's reportedly been shelved as the company takes time to reassess its strategy.
