IT News on November 3rd: According to Bloomberg today (November 3rd), citing sources familiar with the matter, Disney plans to lay off thousands of employees, and some management staff have been required to cut annual costs by 20%.

Insiders say that Disney will cut costs by laying off employees and reducing other expenses.

Disney's business covers multiple areas such as theme parks, television networks, and film studios, and some of its departments will be more significantly impacted. Sources familiar with the matter reveal that Disney's Josh D'Amaro intends to use some of the saved funds for film and television program production, technology research and development, as well as theme park and cruise ship operations.

Disney previously promised that adjusted earnings per share would achieve double-digit growth this fiscal year.

Over the past few years, Disney has cut billions of dollars in costs through multiple rounds of layoffs and other measures, resulting in the elimination of thousands of jobs. All business segments, including ABC, Pixar, ESPN, the film production department, and the experience business department, have been affected. As of the end of last fiscal year, Disney employed 231,000 people globally.

In October of this year, it was reported that Disney plans to restructure its television business and cut staff from its legal and global affairs departments.

Currently, "peers" such as Netflix, Sony Pictures Entertainment, Paramount, and Warner Bros. are also laying off employees. As reported by IT, the revenue from traditional television business continues to decline, and the growth in paid streaming users has slowed down, forcing entertainment companies to cut labor costs. At the same time, an increasing number of viewers are turning to social media, online videos, and streaming platforms supported by tech giants like Amazon and Apple, which also puts pressure on traditional entertainment companies.

Last month, Disney President Dana Walden stated at the Bloomberg Screentime conference held in Los Angeles: "We must constantly assess whether our company's organizational structure is reasonable and whether its scale is appropriate. Technology companies are turning their attention to our business, and we must survive and continue to grow and develop. That's what we will do as well."