https://www.forbes.com/sites/carlieporterfield/2020/04/11/walt-disney-world-to-furlough-43000-workers-after-coronavirus-shutdown/amp/ i am still not able to digest the fact that the company with 10B in box office in 2019 which is highest ever by any studio and most successful launch of D+ is furloughing 43k employees! parks employees make little morethan min wage and Disney wants to compete with Netflix, Youtube and Facebook for consumers time and money but not supporting its employees during toghest times 😢 end of a company for which employees used to give more than 200%
OP, what do the think Bob Iger would've done?
Definitely not the Happiest Place on Earth
It’s all marketing to sell as happiest place, run by self centered maniacs!
Absolutely. They are so much money driven with little care to customers or employees. I used to work in Disney as SWE and pay is crappy as hell
It’s sad but there’s a lot less money coming in to pay people. What would you like them to do?
Well, what happened to all the money they got when they were running fine? The high leaders should not take pay similar to other companies. All the people working at disney should realize that they outsourced most of the products for saving money couple years ago and layed off fulltime folks. Even now the company is full of contractors with flexibility of firing them as they wish
Doesn’t make sense for a company to use past profits to subsidize employees doing nothing. Still a sad situation though
Will universal scoop up the imagineering team or are they in the same boat?
What do you expect from a company whose name is synonymous with H-1B abuse?
if majority of your bread and butter (theme parks, merchandise) is impacted then 43k layoff isn't so farfetched... 50 million subscribers for disney+ doesn't equate to higher profit margins, it's too early for your streaming product. this is sad news
All major revenue streams (cruises, movies, parks) were affected.🤷🏻♀️ but yeah I’m not sure if there’s any other way.
Its simple math: almost nothing coming in, and $500 million in payroll and obligations PER WEEK going out. Disney's entire business relies on leisure, of which there is none at the moment.
At the end of the day, these corporations are beholden to the shareholders. All they care is a bout their stock price and bottom line. Its unfortunate, but it's just the way it is.
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First, it’s sad. It’s only going to get worse before it gets better. I was initially thinking there could be a recession, but looking at the economy and the numbers, it seems to me that it may be a depression. Second, 10B dollar in box office doesn’t mean the company got 10B in cash. They do have operational costs and after everything they’ll have profit margins. Either those profit margins are getting depleted or not enough to keep those employees at work by paying them while company isn’t making much cash at the moment. It’s sad that it is affecting people. 😓
I know the box office math better than anyone on Blind 😬 Point is after 69.57B in revenue in 2019 the decision to furlough employees seem to be purely to satisfy the Wall Street without caring for people!
1. Revenue != Cash in reserve or profit margin 2. Yeah always look out for yourself. No company would care for their employees. Even Google would furlough people if their business gets impacted badly.