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| Disney+ lost over 6.4 million subscribers since start of 2023. |
As a follow up to the CMG post of March 30, "Disney to Shed 7,000 Across the Company" we now report that the Mouse is feeling the hurt from the Writers Guild of America (WGA) strike.
Banking on the Marvel ('Blade' and 'Wonder Woman') and Star Wars sequels to bolster sorely needed box office revenues, all three of these productions have ceased due to the WGA strike.
On top of that, Disney+, the Mouse's content streaming service, lost over 4 million subscribers in the 2nd quarter. This was on top of the loss of 2.4 million subscribers in the 1st quarter.
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Bob Iger, Disney CEO, revealed that Disney is set to undergo massive restructuring. The massive layoffs are anticipated to save $5.5 billion, and it is planned to cut content production by $3 billion.
Disney carries a huge debt load at over $29 billion which needs to be addressed. This will be Iger's main target but with declining streaming subscriptions, the writers' strike curtailing content production, and a massive restructuring that needs to be skillfully executed the odds are against a short-term fix of anything.
By: Jim Lavorato
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