Disney Layoff : 7,000 employees rejected as streaming subscribers

Since the day we start recovering from pandemic and global economy start trying to come onto the track, we had seen major companies fall down and to sustain they laid offs their employees to reduce cost.

On this Wednesday a new layoff is announced by the Disney – a Entertainment giant ! The company confirmed that they are going to reduce their workforce. They are laying off nearly 7,000 of the employees. In CEO Bob Iger’s first major decision since being asked to lead the company late last year.

The layoffs follow similar moves by US tech giants, which have laid off thousands of workers as the economy sours and companies dial back a hiring spurt that began during the height of the pandemic. At the time of COVID the companies hired fast but after COVID there is no growth in the market and there are signs of recession, so the companies started a phase of mass layoffs to reduce the additional expenses.

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Iger said to analysts after Disney posted its latest quarterly earnings that, “I do not take this decision lightly. I have great respect and admiration for the talent and dedication of our employees around the world,”

The report says that in the year of 2021, 190,000 people were employed by this platform across the globe and 80% of them were full time employees.

The Walt Disney-founded company also said its streaming service saw a first-time decline in subscribers last quarter as consumers cut spending.

Read | Chinese Food Delivery Firm Meituan Plans To Hire 10,000 Workers As US Tech Giant Ex-Jobs

The politically conservative DeSantis who is a possible US presidential candidate is not happy with Disney, for criticizing a state law banning school lessons on sexual orientation.

Netflix is another challenge for Disney+. Let me tell you In its effort to rein in costs, Netflix has launched a campaign to prevent password sharing among its hundreds of millions of global subscribers.

On Wednesday, Netflix has begun cracking down on password sharing in Canada, New Zealand, Portugal and Spain as it continues to implement its new policy around the world.