Disney lays off 7,000 as streaming subscribers decline

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Entertainment giant Disney said it was laying off 7,000 employees, as CEO Bob Iger announced a reorganization of the company he returned to lead last year. | AFP

“We are going to take a really hard look at the costs for everything that we make, both across television and film,” Iger said.The storied company founded by Walt Disney said its streaming service saw its first ever fall in subscribers last quarter as consumers cut back on spending.

“There are still big challenges ahead for Disney,” Insider Intelligence principal analyst Paul Verna said in a note to investors. “I think we might have gotten a bit too aggressive in terms of our promotion; and we are going to take a look at that.”Disney remains devoted to blockbuster franchises that include recent Marvel superhero film “Black Panther: Wakanda Forever,” and has sequels in the works to hit animation films “Frozen” and “Zootopia,” Iger said.

Iger, who stepped down as CEO in 2020 after nearly two decades helming the storied company, was brought back after the board of directors ousted his replacement Bob Chapek. It was disappointed in his ability to rein in costs. Disney is also caught in a spat with Florida governor Ron DeSantis who is looking to wrest back control of the area around Walt Disney World that has until now been controlled by the entertainment giant.

 

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