Pixar Animation Studios is reported to undergo significant layoffs this year, possibly as high as 20%, according to TechCrunch.
What’s Happening:
- TechCrunch is reporting that Pixar could be receiving layoffs this year that are likely to be significant, as high as 20%.
- These reductions would see Pixar go from a team of 1,300 to less than 1,000 over the coming months.
- The number of impacted employees is still to be determined, based upon a number of factors like production schedules and staffing for future greenlit films.
- The layoffs will likely occur later this year, as the studio focuses on making less content.
- Many of the layoffs will include those hired to assist with Pixar content for Disney+, which hasn’t yet turned a profit.
- This move is one part of the major cost-cutting initiatives across The Walt Disney Company, which is currently targeting to cut $7.5 billion in costs, following a decrease in ad revenue from ABC and other TV stations and continued (though narrowing) losses within the Disney+ streaming division.
- Disney+ is currently forecast to hit profitability by the end of Q4 2024.
- Theatrically, Pixar is set to release Inside Out 2 on June 14th, 2024, with the original film Elio to follow on June 13th, 2025.