Mass layoff: The mass layoffs season has started to affect the media and entertainment business globally, even if job losses from large IT companies continue to be a major source of worry for workers. Additionally, it has been impacted by job losses as marketers cut back on expenditure due to the worldwide economic slowdown.
Up until October of this year, the media industry has seen more than 3,000 positions lost, and more are expected.
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Further layoffs starting in January
In spite of the recession, Warner Bros Discovery has continued to lay off workers. Chris Licht, the CEO of CNN, gave staff notice last week that there would be further layoffs starting in January, according to sources who spoke to Axios.
A hiring freeze, layoffs, and other cost-cutting initiatives have been announced by media outlets, from Paramount Global to The Walt Disney Company. Last month, Comcast’s cable division announced layoffs. According to sources, NBCUniversal, its entertainment division, is also planning layoffs.
By the end of the year, Protocol, the tech news website that Politico started in 2020, will close. According to Axios, there will be about 60 layoffs. After making prior cuts last month, Vice Media CEO Nancy Dubac warned colleagues that the company expects to slash costs by “up to 15%.”
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Newspaper sector dealing with increasing labour and delivery costs
In the wake of the epidemic, analysts claim that the newspaper sector is dealing with increasing labour and delivery costs. The report referred “Gannett, the parent company to USA Today, said it was planning another round of layoffs, in addition to furloughs, after laying off 400 people in August.”
According to a Crunchbase News count, more than 73,000 workers in the US tech sector had been let go as of mid-November. Large IT companies like Netflix have reduced employment this year.
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