Disney Layoff: Layoffs are still occurring in US companies. The list of businesses that have recently let go of staff now includes Walt Disney as well. The business has disclosed that 7,000 employees will be let go.
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3.8 million paid customers have left Disney’s streaming service Disney + Hotstar for the first quarter ending December 31, 2022. It is thought that the corporation chose to fire staff in order to save costs only after its customer base shrank.
Disney announced on Wednesday that it is firing 7,000 staff. This is regarded as CEO Bob Iger’s first significant decision. At the conclusion of the previous year, he took control of the business.
Disney’s annual report for 2021 states that it employs 1,90,000 people worldwide. Eighty percent of them worked full-time. Disney’s overall staff would shrink by 3.6 percent as a result of the layoffs.
In India, Disney Plus Hotstar dominates
Disney’s OTT network has outperformed even a major company like Netflix in India because of its smooth streaming. Hotstar’s market share in the Indian OTT market is close to 29%. There are more than 50 million paid subscribers to Disney Plus Hotstar.
