Disney layoffs are the next to be added in the list of companies engaging in mass layoffs. As per latest reports, in an effort to cut costs across the company, Disney CEO Bob Iger announced that the company would lay off around 7,000 employees.
According to a report in The Verge, Disney CEO stated that the plan to lay off employees is “necessary to address the challenges we’re facing today.” Disney layoffs, as a move, are also in line with other major companies that are sacking workers in an effort to cut costs.
The report adds that the CEO also said that he is “targeting $5.5 billion of cost savings across the company” and these layoffs will help in achieving this target. However, Disney’s CEO did not mention the names of the departments that will witness layoffs.
In addition to this, Disney has also reportedly observed a slowdown in streaming subscribers with Disney Plus adding just about 2,00,000 subscribers in the US and Canada, as per The Verge. Even other major platforms like Hulu and ESPN Plus reportedly saw a slowdown in growth of subscribers.
Disney layoffs come at a time when the world economy is going through an economic downturn and things like sacking of employees and recession are being seen as a spill-over effect. As per many experts, this trend of mass layoffs is expected to continue even in 2023 as companies and economies brace themselves for several challenges.