The Paper reporter Tang Yingying
Disney also started layoffs.
On March 3, Bloomberg reported that The Walt Disney Company (NYSE:DIS) has begun a layoff plan for a total of 28,7000 people.
Disney CEO Robert A. Iger said in a memo sent to employees Monday that the first batch of employees to be laid off will be notified in the next four days; A larger second round of layoffs will be in April and involves thousands of employees; The last laid-off employees will be notified by the summer.
This is Disney's first large-scale layoff since 2019. The Financial Times report quoted Iger in the memo as saying Disney needed to take steps that were "more efficient, coordinated and simplified in its operations."
According to Disney's fiscal year 2022 annual report data, as of October 2022, 10, Disney had a total of about 1,22 employees, including about 16,6 local employees in the United States and about 5,4 employees in the rest of the world. The 7000,3 employees who will be laid off account for about 18.<> percent of Disney's workforce. The Bloomberg report noted that the layoffs are expected to involve all of the company's divisions, including theme parks and ESPN Sports networks.
The Financial Times report noted that Disney recorded a quarterly loss of $15.2022 billion in its streaming business last fall, a central factor in the dismissal of former CEO Bob Chapek. On November 11, 20, Disney's Board of Directors announced that Robert Iger will return to Disney as CEO, effective immediately, to replace the outgoing Bob Chapeck.
On February 2 this year, Disney released its fiscal 8 first quarter results, and Robert Iger said that it is embarking on a major transformation to reshape the company around creativity while reducing expenses. "This will allow our streaming business to continue to grow and be profitable, allowing us to better prepare for future (business) disruptions and challenges in the global economy, and create value for our shareholders." Robert Iger said. According to the Wall Street Journal on the same day, Disney plans to cut 2023,7000 employees and cut costs by $55.<> billion.
On February 2, Disney officially announced its strategic restructuring into three core business units: Disney Entertainment, ESPN, and Disney Parks, Experiences and Products, with leaders in each business unit assuming full operational control and financial responsibility for creative development, marketing, technology, sales and distribution. Subsequently, Disney Company made a series of personnel transfers.
According to data from Disney's fiscal year 2023 first quarter report, during the reporting period, Disney's media and entertainment distribution revenue was US$147.76 billion, a year-on-year increase of 1.31%; Disneyland, experiences and products revenue was $87.36 billion, up 20.76% year-over-year.
Among them, the number of paid subscribers to Disney+ streaming fell 1% to 1.618 million. Disney's earnings report showed that international channel revenue for the reporting period was $12.21 billion, down <>% year-over-year, due to lower advertising revenue, adverse foreign exchange effects and lower subsidiary revenue. The decrease in advertising revenue was due to a decline in average viewership. According to the details of Disney's announced strategic restructuring, the streaming business remains the company's top priority.