The mass layoffs season has started to affect the media and entertainment industry globally, even though job losses from large tech companies continue to be a major source of stress 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.
In spite of the slowdown, 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. According to sources, “Comcast’s cable unit made cuts last month, and its entertainment arm, NBCUniversal, is also anticipating 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%.”
In the wake of the epidemic, analysts claim that the newspaper sector is dealing with increasing labour and delivery costs. After terminating 400 employees in August, “Gannett, the parent company of USA Today, said it was planning another round of layoffs, in addition to furloughs,” according to the report.
In the tech industry, as of mid-November, more than 73,000 employees in the US tech sector have been laid off, according to a Crunchbase News tally. Tech companies as big as Netflix have slashed jobs this year.