Disney has ruined its own brand and is now suffering the consequences.
The company embraced the awakened left and now, many people who normally go to their movies and visit their theme parks are abandoning them.
For decades, Disney was seen as a family-friendly company. Now he seems intent on pushing a progressive agenda.
It is already costing them jobs.
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Various reports:
Disney cutting 7,000 jobs, or 3% of workforce, eyes $5.5 billion in total cost cuts
Bob Iger is back as Disney’s CEO — and swinging the axe.
Disney will reduce its workforce by 7,000 employees in an effort to cut costs, Iger said Wednesday on the company’s earnings call for the year-end quarter of 2022. This figure represents 3.2% of Disney’s total headcount of approximately 220,000 worldwide as of October 1, 2022.
The layoffs are part of Disney’s efforts to achieve about $5.5 billion in cost savings. Of that, $2.5 billion represents “non-item costs” (including labor costs) and $1 billion of those targeted cost-cutting is already underway, Iger said. Disney aims to reduce non-sports content spending by $3 billion annually, which it expects to materialize over the next several years, Disney CFO Christine McCarthy told analysts.
Of the $2.5 billion in non-content expenditures, nearly 50% represents marketing spending; 30% represents labor costs; And 20% represents technology, storage and other costs, McCarthy said. Disney expects those cost savings to be “fully realized” by the end of fiscal 2024.
Iger said he did not take the decision to cut jobs lightly. “I have tremendous respect and admiration for the dedication of our employees worldwide,” he said.
The company is doing this itself.
Disney just announced 7500 layoffs and $5.5 billion in budget cuts.
If they want to double up upon waking up, that’s their choice. But, I think they are ready to break away. https://t.co/7mZqLyXrjC
— CJ Pearson (@thecjpearson) February 11, 2023
Disney lost +2.3 million subscribers in Q1 2023
In just one week, Direct TV lost 7 million customers
Both are a good start. Let’s continue to experience their businesses.
— Ryan Fournier (@RyanAFournier) February 11, 2023
Perhaps the most disturbing business trend I’ve seen in the last 5 years is the destruction of childhood innocence by Disney and other whack corporations in an attempt to validate the extreme life choices of some far left adults. pic.twitter.com/ntKksQjBNN
— Scott Mason (@hypnoksa) February 11, 2023
As long as Disney continues to push race and LGBT issues, they will continue to bleed money and customers.
They are choosing this fate.
