Disney axing hundreds of workers in film, TV, finance despite huge 2024 with Inside Out 2, Deadpool and Wolverine and Moana 2 hits

Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter says.

The lay-offs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said.

Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms.

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In 2023, Disney cut 7000 jobs as part of an effort to save $US5.5 billion ($A8.5 billion) in costs.

Disney also laid off nearly 6 per cent, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March.

The company’s most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks.

The cuts come despite Disney recording a huge 2024 with three of the top five movies of the year in the US — Inside Out 2, Deadpool & Wolverine and Moana 2 — coming from its studios.

The company also had the biggest movie of 2024 — Inside Out 2 — which became the biggest animated movie of all time, not accounting for inflation.

The jump came after a quieter 2023 for the studio which didn’t have a movie at the very top of the charts.

In mid-December, it also crossed the $US2 billion domestic mark, the second time any studio has done so since 2019 (which was also Disney, in 2022).

Deadpool & Wolverine. Credit: 20th Century Studios/Marvel Stud/Courtesy of 20th Century StudiosInside Out 2. Credit: Supplied



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