With huge losses and as many as 32,000 layoffs, Disney has fallen into a quagmire of survival

by:Ennas      2022-01-29
According to documents from the US Securities and Exchange Commission, the Walt Disney Company in the United States plans to lay off 32,000 employees by the end of March 2021 due to the continuous impact of the new crown pneumonia epidemic on its parks and resorts business. Disney, which has many super IPs such as Snow White, has always brought happiness to people, but this time it made its 32,000 employees feel unhappy. According to CCTV news, according to documents from the US Securities and Exchange Commission, the Walt Disney Company of the United States continues to hit its parks and resorts business due to the new crown pneumonia epidemic and plans to lay off 32,000 employees by the end of March 2021. According to its latest annual report, Disney has about 223,000 employees. The company announced in September that it plans to lay off about 28,000 people. The number of layoffs planned this time is 4,000 more than in September. As a giant in the media and entertainment industry, Disney may also be forced to cancel dividends in the future, reduce or cancel pension and retirement medical plan contributions. In addition, Disney will likely cut investment in TV and film production, and take vacations or lay off more employees. Disney said in the document: Some of these measures may adversely affect our business. It is reported that the new crown pneumonia epidemic has greatly affected Disney's park business, which has more than 100,000 employees. The company was also forced to suspend cruise ships and postpone the release of major movies such as Black Widow. It is reported that in the year ended September 30, Disney has lost US$2.8 billion, which is a significant reversal from the previous year’s profit of US$10.4 billion. On November 13, Beijing time, Disney released its fourth-quarter financial report, stating that the fourth-quarter revenue was US$14.71 billion, the market estimate was US$14.2 billion; the adjusted loss per share was 20 cents, and the market’s estimated loss was 73 cents; net loss 710 million U.S. dollars, the market is expected to lose 1.695 billion U.S. dollars. In the fourth quarter, theme parks, experience and consumer goods business revenues were US$2.6 billion, down 61% year-on-year, and media network business revenues were US$7.2 billion. Under the loss of the epidemic, Disney is also looking for new business growth points. For example, Disney plans to launch new products for the Asia-Pacific region (except Japan) in 2021. These new products are likely to be Disney+, Disney's subscription-based DTC (direct-to-consumer) video streaming service. Prior to this, in November 2019, Disney launched Disney+ in the United States and four other countries, including Disney, Pixar (Pixar Animation), Marvel (Marvel Comics), Star Wars (Star Wars) and National Geographic ( National Geographic) brand content, and will be expanded to some Western European countries and regions in the spring of 2020. In 2020, Disney has successively launched new products in India, Japan, other European countries, Indonesia, and Latin America. Disney is not the only major company planning large-scale layoffs. Affected by the impact of the new crown pneumonia epidemic on the aviation industry and the global grounding of Boeing 737MAX series aircraft, on October 28 local time, the US aviation giant Boeing announced a fourth consecutive quarter of losses. Boeing said it plans to lay off 30,000 jobs by the end of next year. Source: Daily Economic News, city circles
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