Disney's recent round of layoffs are a symptom of a larger trend: a downturn in the entertainment industry, especially around streaming. What does it all mean for California's economy?
, pile-driving an industry that was already suffering the aftereffects of a prolonged Hollywood writers strike.
“Consider all the money ... they can’t spend [at] local stores, local merchants,” Ross said. “It has a huge impact.” The retrenchment in Hollywood mirrors some of the cost-cutting that has hit tech giants as well as news media enterprises .. For a while, the entertainment giant was eager to throw seemingly unlimited sums of money at Disney+, its marquee streaming service, filling the platform with everything from classic animated princess movies to trendy series such as Lucasfilm’s “The Mandalorian” and Marvel’s “WandaVision” — all for only $6.99 a month.
“While this is necessary to address the challenges we’re facing today, I do not make this decision lightly,” Iger said in a call with analysts on Feb. 8. Disney declined to comment for this story.The earnings report came as Walt Disney Co. faces a challenge from an outsider, billionaire investor Nelson Peltz, who is seeking election to join the board.
Other measures aimed at boosting profits could result in consumers paying more for less. Netflix, for example, is trying to crack down on password sharing. Last week, the Los Gatos, Calif.-based streaming giantin Canada, New Zealand, Portugal and Spain of new policies aimed at restricting how many people can use a given account. Such policies had already been tested in parts of Latin America and may soon find their way to the United States.
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