Disney made a radical decision, the slaughter continues after Amazon, Facebook, Twitter…
News hardware Disney made a radical decision, the slaughter continues after Amazon, Facebook, Twitter…
After Twitter, Facebook, Microsoft and Amazon, it’s Disney’s turn to announce a wave of layoffs. Times are tough for all of these industry and technology giants. Back to the remarks of Bob Chapek, CEO of Disney.
Disney is taking drastic measures to curb spending
Disney’s latest quarterly results are bad. While Disney + competes fiercely with Netflix, only this service has received a $1.47 billion in losses. At the level of financial markets, the share of Disney has lost 13.16% of its value in recent weeks, a particularly sharp decline that has not been observed since the beginning of the health crisis.
Our colleagues from different released an internal memo, which is not supposed to appear in Disney offices. This note, written by the hand of the big boss of Walt Disney CompanyBob Chapek, would have been addressed to all the top positions of the company on Friday, November 11, 2022.
The CEO’s words leave no room for doubt: Bob Chapek solemnly declared that times are tough and the coming weeks promise to be even worse. Here is an extract from the famous internal note, which we have translated:
I am fully aware that this will be a difficult process for many of you and for your teams. We will have to make difficult and uncomfortable decisions, but that is what leadership is all about. Thank you in advance for your mobilization at this important time. Our company has faced many challenges during its 100 years of history, I am convinced that we will achieve our goals and create a more agile company adapted to the environment of tomorrow.
The “difficult process” that Chapek speaks of is the order of a hiring freeze and the beginning of a redundancy plan. The goal is of course to significantly reduce costs for the company with big ears.
Elsewhere in his memo, the Disney boss said he was being put in place “a cost structure task force”which can be translated as a “Structural Cost Study Group”. This shock team will be made up of the company’s most important executives and its purpose will be to carry out a “rigorous analysis of product content and marketing costs” from Disney.
The waves of layoffs in the tech world: Amazon, Microsoft, Facebook, Twitter… it’s carnage
Elon Musk makes a lot of noise: his chaotic acquisition of Twitter monopolizes attention and you have surely seen numbers, sometimes contradictory between them, on the number of blue bird employees fired by the billionaire . Be aware that Twitter is far from the only company in the midst of major “restructuring”.
To tell you the truth, nowadays, we seem to come across a news like this every two days. The conclusion is clear: tech and entertainment giants are generally pretty bad and almost everyone is removing as before. Let’s take a look at the latest announcements similar to that of the Disney boss.
- Microsoft : At the end of October, the sites Business Insider and Axios it is estimated that nearly 1,000 company employees were recently found on the floor. This is just one drop in the sea of jobs represented by Microsoft, but it is important to note that some strategic positions have been affected like that of KC Lemson, who has been in the box for more than 20 years.
- Facebook : Meta, Facebook’s new name, just carried out the biggest wave of layoffs in its history. Mark Zuckerberg decided to “lay off” 11,000 people, or about 13% of the total workforce.
- Amazon : The information is fresh, it looks like Amazon is preparing to lay off around 10,000 people. This is the largest redundancy plan in its history. The market valuation of Jeff Bezos’ firm was divided by more than 2 in just 1 year (1000 billion losses, this is historic).
- Google : The Mountainview company recently laid off half the workers at its start-up incubator, Area 120. Disney boss.
- Snapchat : At the end of August, we learned that Snap Inc. about 20% of its employees, or about 6,500 employees. Several top executives from yellow phantom jumped ship to go to Netflix.
- Twitter : We talked about it earlier, because Elon Musk is at the helm of the social network, the billionaire is taking revenge. The entire team is fired and anyone who criticizes the boss’s actions online suffers the same fate.
We told you this earlier, at GAFAM, Only Apple shines. For several reasons: we will go deeper into this article if you are interested in the topic.