Popular Global Streaming App To Sack 7,000 Employees!

Thu Feb 09 2023 11:17:56 GMT+0530 (India Standard Time)

The Covid impact and other aspects are forcing companies and firms across the globe irrespective of their size to have a crisp and sharp workforce. With this, employers are on a spree of sacking employees. Employees who worked for companies for a long time are also not spared and lose their jobs.

The IT world is sacking employees in big numbers and the trend has picked up in other fields as well. Be it Food Delivery apps, OTTs, and others the employees are being sacked. While a few employers are assuring support for employees till they get the next job, few employers are giving special benefits to employees. We can understand the situation as big tech giants like Google, Accenture, and Cognizant removed employees.

Now The Walt Disney Company is gearing up to remove as many as 7,000 employees as part of revamping the workforce. Employees working across the globe and areas will be removed. The company said that to make the business profitable the decision was taken and with that $5.5 billion in costs will be saved. The employees translate to around 3.6% of Disney's global workforce.

Bob Iger, the Chief Executive Officer of Disney has been facing a few issues after he took over the position. Despite being one of the most used OTTs in the world Disney could not miss the dip in Subscribers count and to address that the company wants to sack the employees.

The CEO said that the decision to sack the employees is not easy and to run the organisation effectively in a Challenging manner. Iger observed that the company will now focus on the core brands and franchises and urate our general entertainment content.

"This reorganization will result in a more cost-effective, coordinated approach to our operations. We are committed to running efficiently, especially in a challenging environment. Company would focus even more on our core brands and franchises," Disney CEO said.

California-based The Walt Disney Company started as an animation division and later ventured into live-action films, television, and theme parks. Eventually, it emerged as a Film-production studio and enjoys a good hold in the Hollywood market. To diversify the services of Disney, it ended its deal with Netflix and started its own streaming service Hotstar and it evolved as Disney+ Hotstar. The serve also streams sports.