Entertainment concern Walt Disney is laying off hundreds of employees. The layoffs started on Monday and affect employees in marketing, publicity, casting, and development, the company reports.
In Hollywood, cost-saving measures have been implemented for years, with production and employment in a downward spiral.
Disney and other companies in the industry are adapting their business strategies due to the rise of streaming services. The layoffs at Disney indicate that the difficult times in Hollywood are not yet over, reports The Wall Street Journal, among others.
Disney had already announced a restructuring in 2023, cutting 7,000 jobs. This was intended to reduce spending by $5.5 billion. Competitors in the industry have also laid off thousands of employees.