Pixar, with a small-scale round of layoff affecting 75 employees in June fresh in mind, is staring down the barrel of a much more "significant" swing of the axe that could be "as high as 20%," according to reports.
According to TechCrunch, the Disney-owned subsidiary studio is set to launch another, far more aggressive wave of layoffs with sources within the firm warning that they could see the 1,300 headcount firm reduced in manpower to under 1,000 in the next few months. The company has claimed these figures are too high and suggested that the "number of impacted employees is still being determined due to factors like production schedules and staffing for future greenlit films," the outlet reported.
Insiders suggested that the headcount adjustment is likely to include staffing brought on for Disney+productions given that the streaming service has yet to turn a profit.
In its streaming vertical, Disney felt the impact of the nearly $1.5 billion in losses sustained as of Q4 2022, and the bleeding hasn't stopped. The company is reporting a divisional loss of $387 million in Q4 2023 alone. Much of that loss fell on Pixar, where the releases of “Elemental,” Lightyear” and “Onward,” on Disney+ hurt the studio badly and forced Disney to reconsider releases directly to the platform, bypassing box offices.
Variety reported that Disney reached the company's goal of 7,000 layoffs last May in an effort to rightsize the company following its performance downturn through three sequential waves of cutbacks announced in February 2023. The eventual tally of newly minted unemployment recipients exceeded projects to well over 8,000 and was focused largely on the Disney+ and media divisions.
The company's park division, a crucial lifeline, was left largely unaffected.
Disney's fortunes have floundered from 2023 into 2024, owing, according to many critics such as Will Jordan known as "The Critical Drinker," to the company's perpetuation of "THE MESSAGE," an amalgam of racial, gender, and sexual orientation identitarianism on the Diversity, Equity, and Inclusion spectrum with classic content "updated for modern audiences."
As noted in SFGate, Disney CEO Bob Iger once called the purchase of Pixar "probably the best" of his acquisitions for the company. But this has not provided the animation studio immunity to the widespread cuts initiated by the Disney board to staunch the entertainment giant's losses since its 24-year high watermark in February 2021.
The three years since have seen Disney's stock value cut in half, with investors crying foul.
According to TechCrunch, the Disney-owned subsidiary studio is set to launch another, far more aggressive wave of layoffs with sources within the firm warning that they could see the 1,300 headcount firm reduced in manpower to under 1,000 in the next few months. The company has claimed these figures are too high and suggested that the "number of impacted employees is still being determined due to factors like production schedules and staffing for future greenlit films," the outlet reported.
Insiders suggested that the headcount adjustment is likely to include staffing brought on for Disney+productions given that the streaming service has yet to turn a profit.
In its streaming vertical, Disney felt the impact of the nearly $1.5 billion in losses sustained as of Q4 2022, and the bleeding hasn't stopped. The company is reporting a divisional loss of $387 million in Q4 2023 alone. Much of that loss fell on Pixar, where the releases of “Elemental,” Lightyear” and “Onward,” on Disney+ hurt the studio badly and forced Disney to reconsider releases directly to the platform, bypassing box offices.
Variety reported that Disney reached the company's goal of 7,000 layoffs last May in an effort to rightsize the company following its performance downturn through three sequential waves of cutbacks announced in February 2023. The eventual tally of newly minted unemployment recipients exceeded projects to well over 8,000 and was focused largely on the Disney+ and media divisions.
The company's park division, a crucial lifeline, was left largely unaffected.
Disney's fortunes have floundered from 2023 into 2024, owing, according to many critics such as Will Jordan known as "The Critical Drinker," to the company's perpetuation of "THE MESSAGE," an amalgam of racial, gender, and sexual orientation identitarianism on the Diversity, Equity, and Inclusion spectrum with classic content "updated for modern audiences."
As noted in SFGate, Disney CEO Bob Iger once called the purchase of Pixar "probably the best" of his acquisitions for the company. But this has not provided the animation studio immunity to the widespread cuts initiated by the Disney board to staunch the entertainment giant's losses since its 24-year high watermark in February 2021.
The three years since have seen Disney's stock value cut in half, with investors crying foul.
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Comments
2024-01-20T20:13+0530 | Comment by: DS
GO WOKE................ GO BROKE ! Florida does NOT NEED DISNEY !