Disney continues to downsize: bidding farewell to hundreds of employees

The famous entertainment company — Disney has announced another round of mass layoffs globally. The company stated that it is forced to say goodbye to hundreds of employees working in key departments such as film, television, finance, and others. This was reported by the AZƏRTAC agency.

According to the BBC, in recent years, the sharp decline in cable television subscribers and the increasing demand for streaming services have compelled Disney to make drastic decisions.

"The entertainment industry is changing at a rapid pace. We are looking for ways to operate more efficiently while maintaining the creativity and innovation that our customers value," said a company representative in an interview with the BBC.

These layoffs are being implemented as part of a $5.5 billion cost-cutting plan developed by the company's CEO Bob Iger. It is worth noting that in the past 2023, Disney laid off 7,000 employees.

The new wave of layoffs will also cover areas such as marketing, casting, project development, and corporate finance in the film and television sector. However, the company emphasized that no department will be completely shut down.

Currently, Disney, located in California, employs more than 233,000 people. More than 60,000 of them work in foreign countries. Disney has global brands such as Marvel, Hulu, and ESPN.

At the same time, in May of this year, Disney announced that it had generated $23.6 billion in revenue in the first quarter of the year. This is 7 percent more than the previous year, which the company attributed to a new influx of subscribers to the Disney+ streaming service.

Experts believe that these layoffs are seen as an effort by Disney to adapt to market demands during its digital transformation process. The company is now focusing on modern technologies and digital content.