Disney has revealed that it will be letting go of around 200 employees across its ABC News Group and Disney Entertainment Networks divisions, which equates to about 6% of the workforce in these areas. This move is a response to ongoing difficulties Disney faces in the traditional television industry, as viewership and revenue drop at numerous cable channels due to viewers cancelling their cable subscriptions in favor of streaming services and digital platforms, while advertisers also migrate towards these newer platforms.
One significant point about these job cuts involves the termination of 538, the political analysis website based on data, which was established by Nate Silver. After being acquired by ABC News in 2018, the platform often favored Democrat voters in its surveys, leading to incorrect predictions, and now it will cease operations, with its polling and political data analysis capabilities being merged into ABC News. The site’s inaccuracy became more apparent during the 2016 U.S. presidential election, making its continued existence surprising.
Disney’s reductions in entertainment jobs are mainly linked to the persistent change from conventional cable TV to online streaming platforms. Media pundits suggest that this transformation, which they’ve foreseen for a while, is having a noticeable effect on Disney’s profits.
In the process of our restructuring efforts, I’m part of the team that’s bringing together several of ABC News’ operations. The teams behind ABC News Studios, 20/20, Nightline, and other long-form units will now fall under a unified leadership structure. Moreover, all shows bearing the Good Morning America brand will come under the supervision of Simone Swink. Lastly, our digital and social media operations are being merged with our stations’ news gathering and programs.
Traditional media giants such as Disney thrived with the cable television system, but they’ve struggled in the realm of streaming services. Moreover, an increasing amount of revenue from cable TV is expected to dwindle as viewers continue shifting towards streaming platforms. Though Netflix remains quite lucrative, other streaming providers are either barely breaking even or experiencing significant financial losses. This trend isn’t progressing as they had anticipated.
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2025-03-07 16:00