Disney has announced it will be laying off several hundred employees globally, predominantly affecting its film, television, and finance divisions. This decision comes as the entertainment giant grapples with the ongoing shift of viewers away from traditional cable subscriptions towards streaming platforms. A spokesperson for Disney remarked, “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.”
These recent job cuts build upon significant reductions made earlier in 2023, when approximately 7,000 positions were eliminated as part of CEO Bob Iger’s initiative to save $5.5 billion (£4.1 billion). The current layoffs will hit various sectors, including marketing teams associated with film and television, as well as those involved in casting, development, and corporate finance. However, the company emphasized that this approach is meant to be “surgical” so as to minimize the number of affected employees, assuring that no entire teams will be disbanded.
With a workforce of 233,000 employees, just over 60,000 of whom are situated outside the United States, Disney has been feeling the strain of market changes. The company boasts ownership of numerous entertainment behemoths such as Marvel, Hulu, and ESPN. In May, Disney announced better-than-anticipated earnings, reporting $23.6 billion in overall revenue for the initial quarter of the year, marking a 7% increase from the same timeframe in 2024. The surge in earnings was attributed to a lift in subscriptions to the Disney+ streaming service.
This year, Disney has also rolled out several films, including titles like Captain America: Brave New World and the live-action remake of Snow White. The latter, however, underperformed at the box office amidst an array of negative critical responses. In contrast, the recent animated release, Lilo & Stitch, achieved record box office sales during the Memorial Day holiday weekend, amassing over $610 million globally since its May launch, according to industry analytics from Box Office Mojo.
These recent job cuts build upon significant reductions made earlier in 2023, when approximately 7,000 positions were eliminated as part of CEO Bob Iger’s initiative to save $5.5 billion (£4.1 billion). The current layoffs will hit various sectors, including marketing teams associated with film and television, as well as those involved in casting, development, and corporate finance. However, the company emphasized that this approach is meant to be “surgical” so as to minimize the number of affected employees, assuring that no entire teams will be disbanded.
With a workforce of 233,000 employees, just over 60,000 of whom are situated outside the United States, Disney has been feeling the strain of market changes. The company boasts ownership of numerous entertainment behemoths such as Marvel, Hulu, and ESPN. In May, Disney announced better-than-anticipated earnings, reporting $23.6 billion in overall revenue for the initial quarter of the year, marking a 7% increase from the same timeframe in 2024. The surge in earnings was attributed to a lift in subscriptions to the Disney+ streaming service.
This year, Disney has also rolled out several films, including titles like Captain America: Brave New World and the live-action remake of Snow White. The latter, however, underperformed at the box office amidst an array of negative critical responses. In contrast, the recent animated release, Lilo & Stitch, achieved record box office sales during the Memorial Day holiday weekend, amassing over $610 million globally since its May launch, according to industry analytics from Box Office Mojo.
