The Walt Disney Group obviously has to face major challenges in times of the corona pandemic, energy crisis and high inflation. The new, old boss Bob Iger takes action after his comeback and fires thousands of workers. He wants to please the shareholders and shareholders and drastically reduce the annual costs of the Mickey Mouse group. The Disney Plus streaming service is also the focus of reforms.
Disney Plus loses billions
After the last price increases, the Disney Plus business seems to be faltering. Although 161.8 million users have subscribed to the streaming service and Netflix’s competitors, the numbers are falling. That should cause dissatisfaction in the top floor of the entertainment group.
Despite expensive acquisitions like Marvel, Star Wars, and Fox, Disney is apparently failing to ensure sustained growth in the streaming segment. George Lucas’ Star Saga and the Marvel Cinematic Universe are among the most successful media franchises in the world, but Disney Plus posted a quarterly loss of a whopping $1.1 billion.
Disney is doing well – still laying people off
Despite this negative news, Disney as a group was able to increase profits by 11 percent year-on-year in the last quarter to a total of 1.3 billion US dollars. Overall, they made 23.5 billion US dollars in sales.
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Nevertheless, CEO Bob Iger wants to evict around 3.5 percent of the workforce. About 7,000 jobs are expected to be eliminated, helping to reduce ongoing costs by $5.5 billion. The shareholders will be pleased, as is so often the case with the hard-working employee.
Source: Spiegel Online
