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After Google, Meta (Facebook and Instagram), Amazon, Microsoft, Sap, now entertainment giant Disney also announced layoffs of 7,000 employees on Wednesday. The layoffs are decided by CEO Bob Iger. Iger was named CEO in December last year. According to Disney’s 2021 annual report, the group employed 190,000 people worldwide as of October 2 that year, of which 80 percent were full-time.
Big drop in number of customers
CEO Bob Iger said, “I do not take this decision lightly. I have the utmost respect for the talent and dedication of our employees around the world.” Along with giving information about the layoffs, Disney said that its streaming service recorded the first major decline in the number of subscribers in the last quarter.
For Iger, who takes over as CEO, there are constant challenges in the new term. Disney is also embroiled in a dispute with Florida Governor Ron DeSantis, who wants to take back control of the area surrounding Walt Disney World. Disney is also facing challenge from its arch-rival Netflix.
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In its effort to rein in costs, Netflix has launched a campaign to prevent password sharing among its hundreds of millions of global subscribers. Netflix has revealed that it has started cracking down on password sharing in Canada, New Zealand, Portugal and Spain.
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