Disney CEO Bob Iger delivered some sobering news during a recent earnings call, per Variety: as part of an effort to cut costs by $5 billion, Disney is laying off 7,000 people.
Does that need to happen? Indicators are mixed. On the one hand, Disney lost almost 2.5 million subscribers to Disney+, mostly from Disney+ Hotstar, the company’s Indian streamer. The company has hit tough times, right?
Maybe, but it’s worth noting that the company posted $23.51 billion in revenue, up 8% from the quarter before. That sounds pretty good, but the company needs to look as profitable as possible to investors and letting people go will cut expenditures, so goodbye go 3% of the company workforce. Hooray.
Disney announces Toy Story 5, Frozen 3 and Zootopia 2
Something else guaranteed to make money: sequels. To that end, Iger revealed that Disney is working on new entries in the Toy Story, Frozen and Zootopia franchises, none of which is a surprise.
Disney has big plans for Avatar, as well; Iger called it a core franchise for the company, as well he might after The Way of Water became the fourth highest grossing movie of all time (and still climbing). A new theme park attraction called the Avatar Experience will be coming to Disneyland, although Iger didn’t reveal any details.
There are release dates for the new movies as of yet.
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