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Media heavyweight Disney is slashing 7,000 jobs as part of a restructuring plan to save US$5.5 billion in costs.
In an earnings presentation for its latest quarterly financial report, Disney said it expects to slash roughly US$2.5 billion in non-content-related expenses and about US$3 billion in costs related to producing and licensing non-sports content.
The California-based firm said the change “will result in a more cost-effective, coordinated, and streamlined company.”
Disney revealed that its streaming service Disney+ lost 2.4 million subscribers worldwide between Q4 2022 and Q1 2023. This was mainly because Disney+ Hotstar, the version of the service in Southeast Asia and India, lost its streaming rights to the Indian Premier League, a major sporting event.
See also: How Disney+’s Indonesian rivals plan to fight back
Editing by Thu Huong Le and Arpit Nayak
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