Disney claims to be cutting off several hundred additional individuals worldwide from its film, television, and finance divisions.
As people choose streaming platforms over cable TV subscriptions, the entertainment behemoth has been under strain.
Following significant layoffs announced in 2023, when over 7,000 employees were let off under an effort by chief executive Bob Iger to save $5.5 billion (£4.1 billion), the most recent job losses followFor its film and television divisions, the cuts will affect several teams, including those pertaining to marketing.
Affected will also include Disney’s casting and development as well as corporate finance divisions’ employees.
“We have been surgical in our approach to minimise the number of impacted employees,” claimed a spokesman. The business also claimed that no teams would be closed totally.
Employing 233,000 people, the California-based company has slightly over 60,000 non-US based employees.
Disney owns Marvel, Hulu, ESPN, among other businesses in the entertainment sector.
With total revenue of $23.6 billion for the first three months of the year, the company revealed higher than projected profitability in May. From the same period in 2024, that represented a 7% rise.
It claimed that new Disney+ streaming subscribers drove the increase.
This year the corporation has put several fresh movies including Snow White and Captain America: Brave New World.
Following several unfavorable reviews, the live action version of the venerable Snow White animation picture did not fare as well as anticipated in cinemas.
But during the Memorial Day holiday weekend, Disney’s most recent offering, Lilo & Stitch, shattered US box office records.
Based on industry data company Box Office Mojo, the animated feature has witnessed worldwide ticket sales of more than $610m since its May premiere.
