It may have only suffered a slight decline, but a drop in subscriptions to its streaming service led Disney to announce thousands of employee layoffs this week.
The entertainment giant laid off 7,000 employees on Wednesday.
The move is the first major decision by returning CEO Bob Iger, who was rehired near the end of 2022.
“I do not make this decision lightly,” Iger said in a statement. “I have enormous respect and appreciation for the talent and dedication of our employees worldwide.”
Subscriptions for Disney+, the company’s streaming arm that boasts one of the most robust entertainment libraries available when it comes to recent and classic box office moneymakers, dipped by 1% in the past three months.
The customer base slipped to 168.1 million subscribers as of December 31, 2022.
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