Once-mighty Pixar is laying off 14% of its workforce as The Walt Disney Company continues to make severe budget cuts across many of its businesses.
According to Deadline, Pixar Animation Studios is cutting approximately 175 jobs, or 14% of its staff, primarily due to the reduction in the number of series released on Disney+. reportPrevious estimates had put the number of employees who would be laid off to be closer to 20%.
The layoffs come after Pixar laid off 75 people, including two executives, earlier this year amid box office failures. Lightyear.
CEO Bob Iger recently admitted that Disney spent too much on streaming content to drive subscribers to Disney+ and other services, costing the company billions of dollars in losses. Ta.
“We entered the streaming business in such an aggressive way that we tried to tell too many stories,” Iger said on a recent earnings call. “Essentially, we overinvested by far more than we expected to return. That’s why streaming ended up costing him $4 billion.”
“We tried to tell too many stories,” he added.
Disney recently laid off 7,000 employees worldwide, more than 3 percent of its total workforce. Mr. Iger said earlier this year that the company was making further budget cuts to emerge from recent financial troubles.
Like the rest of Disney, Pixar has embraced woke content, releasing titles such as: light year and elementalboth of which bombed at the box office.
elemental The film features a gender non-binary character who uses the pronouns “they/them,” a fact that Disney hid from the public prior to the film’s release.
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