Disney has once again embarked on a substantial layoff initiative, impacting several hundred employees globally across various departments, including film, television, and finance. This decision reflects the mounting pressures the entertainment titan faces as audiences increasingly pivot from traditional cable TV subscriptions to streaming services.
A Disney spokesperson detailed the company's approach, stating, "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." This latest wave of job cuts follows earlier layoffs in 2023, when the company shed around 7,000 positions in a strategic move aimed at saving approximately $5.5 billion.
Departments affected by this round of layoffs include the marketing units of both film and television, as well as casting, development, and corporate finance personnel. Disney emphasized a careful approach, indicating, "We have been surgical in our approach to minimise the number of impacted employees," and reassured that no specific teams would be disbanded entirely.
Disney employs approximately 233,000 individuals globally, with over 60,000 stationed outside the United States. The media conglomerate controls an expansive portfolio that includes well-known brands like Marvel, Hulu, and ESPN. Despite the ongoing layoffs, Disney reported a stronger-than-expected financial performance in May, with first-quarter earnings reaching $23.6 billion—a 7% increase from the previous year. This growth stemmed largely from new subscriptions to its Disney+ streaming service, alongside successful film releases such as "Captain America: Brave New World" and "Lilo & Stitch," with the latter achieving over $610 million in worldwide ticket sales since its May debut.
