Recently, Disney announced that it is laying off around 1000 employees across the parent company, The Walt Disney Company, Marvel Entertainment, Marvel Studios, and Marvel Comics. That said, what should you know about it?
This is part of Disney’s restructuring phase
For your information, this is part of a major company-wide restructuring to reduce costs. Disney's move to lay off employees is surprising because last year it recorded revenue of $94.4 billion (~RM378 billion), which is an increase of 3% compared to 2024.
Among those affected are the entire Disney Home Entertainment staff that manages the physical media business, such as DVDs, which is now shrinking due to streaming. In addition, film & TV production staff, comic book publishing, franchise operations and finance and legal staff have also been laid off. Disney will reportedly use external contract workers to perform the duties of the laid-off employees.
Disney has been moving film and TV production from Georgia to Europe in recent years. Lower costs are a factor in the UK filming of The Fantastic Four: First Steps and Spider-Man: Brand New Day. In May last year, President Trump threatened to impose tariffs on studios that release films in America but film abroad to ensure the local film industry is not affected.
Stay tuned to TechNave.com for more updates like this.
COMMENTS