Disney layoffs have hit ‘Marvel Studios’ hard
Ben Affleck said that with the armies of AI in their industry, visual effect artists will be heavily impacted.
The Walt Disney Company announced massive layoffs this week in an effort to “streamline operations,” according to a statement from new CEO Josh D’Amara. The cuts will affect about 1,000 employees across all of Disney’s media holdings, including studios, television networks, sports, and entertainment programming. The layoffs were initially reported by the Wall Street Journal, with Marvel Studios caught in this latest round.
One of the hardest-hit divisions is Marvel, which is losing employees in both New York and Burbank across multiple areas of the organization, including film and TV production, comics, franchises, finance, and legal. This includes nearly the entire Academy Award-winning visual development team at Marvel Studios.
Many had been with Marvel for a decade or more. It does not appear that these specific jobs were eliminated for reasons involving AI, which has been a driver behind other shakeups in the creative industries.
This latest round of layoffs follows previous headcount cuts that saw more than 8,000 jobs eliminated through 2022. It was part of a cost-cutting drive related to Disney’s evolving business model under Bob Iger.
The company’s previous restructuring resulted in approximately $7.5 billion in cost savings. Iger’s restructuring initiatives in 2022 were implemented in response to declining stock prices and revenue during the COVID-19 period.
Josh ‘D Amaro officially became CEO in March. During his first week as CEO, he issued a message to employees discussing future priorities related to expanding narratives, investing in streaming services, and adapting to new technologies.
In summary, the company is restructuring to incorporate digital technologies and unifying marketing operations to streamline production and lay the foundation for long-term growth.
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