“This choice is not one I make impulsively. I have the utmost regard and admiration for the brilliance and commitment of all of our workers and am conscious of how these changes will affect me personally “Added Iger.
San Francisco: According to CEO Bob Iger, the massive entertainment company Disney is firing 7,000 workers to save expenses.
He stated that the action is “needed to address the difficulties we’re experiencing today” on the company’s results call for the December quarter.
“I did not make this choice hastily. I am aware of the personal effect of these changes and have the utmost regard and gratitude for the brilliance and devotion of all of our workers globally, said Iger.
Disney anticipates saving $3 billion in content costs over the following five years, excluding sports.
According to him, there would be three main business sectors under the strategic reorganisation: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products.
We are dedicated to operating our businesses more effectively, especially in a difficult economic situation, and this reorganisation will result in a more affordable, integrated, and simplified approach to our operations. In that sense, we want to save the corporation $5.5 billion in costs,” stated the
In the most recent quarter, the company’s streaming division lost around $1.5 billion.
According to its current projections, Disney+ will become profitable by the end of the fiscal year 2024.
Only 200,000 more people joined Disney Plus in the US and Canada, bringing the total to 46.6 million, while 1.2 million more people joined its foreign offering (excluding HotStar).
With an operating loss of about $1.1 billion, Disney’s direct-to-consumer business, which includes its streaming services, witnessed a 13% rise in revenue to $5.3 billion.
