Disney Lay Offs: After retrenchment in companies around the world, now American company Walt Disney has also announced the layoff of 7000 employees. Disney’s video streaming service Disney + Hotstar has lost 3.8 million paid subscribers for the first quarter ending December 31, 2022.
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Also, it is believed to be the first major decision of the company’s CEO Bob Iger. Bob took over the reins of the company only last year. Let us tell you, Hotstar was India’s number 1 OTT platform for IPL live streaming.
Activist investor Nelson Peltz also accused the company of spending too much on the streaming service. It is understood that the company has decided to lay off employees to cut costs after the user base dwindled. Also, with this retrenchment, it is estimated that the company will save $ 5.5 billion annually.
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While the company’s CEO Bob said on Wednesday, I do not take this decision lightly, “I have great respect and admiration for the talent and dedication of our employees around the world.” According to Disney’s 2021 annual report, it has 1,90,000 employees worldwide. Of these, 80 percent were full-time, with the layoffs reducing Disney’s total workforce by 3.6 percent.
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Disney’s video streaming service Disney+Hotstar lost 3.8 million paid subscribers for the first quarter ending December 31, 2022. Disney+ Hotstar’s member base for the quarter stood at 57.5 million, down 6 percent from 61.3 million in the previous quarter. The company also said that streaming has seen a decline in subscribers in the last quarter.
Due to its seamless streaming in India, Disney’s OTT platform has been able to beat even a big company like Netflix. Hotstar’s market share in the Indian OTT market is close to 29 percent. While Amazon has 1.70 crores, Netflix has 50 lahks and Disney Plus Hotstar has more than 5 crore paid subscribers.
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