The magic had to run at some point, Disney Plus
Unsurprisingly, Disney's reaction to its diminishing Disney Plus user base is to try and save face. Or, rather, cash.
To that end, Bog Iger, who recently returned as Disney's CEO, announced plans to cut costs by $5.5 billion across the company. That's despite Disney seeing an 8% year-on-year increase in revenue, with the entertainment behemoth netting $23.5 billion in 2022; although that boost to its profit margins is largely down to Disney's suite of theme parks, which posted a combined 27% increase compared to 2021. , and ESPN Plus – saw a 13% increase in their revenue, which increased to to $5.
Iger also confirmed that Disney's cost-cutting measures would lead to a significant reduction in its workforce. Per the company's, Iger revealed that Disney would cut"approximately 7,000 jobs" across all sectors, adding:"I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I'm mindful of the personal impact of these changes.
It's unclear which divisions will see the biggest job cuts. Iger has suggested that Disney will refocus on"our core brands and franchises, which have consistently delivered higher returns". That likely means most employees at
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