Thursday Feb 9 2023
Even mighty Disney makes mistakes.
Disney’s streaming service, “Disney+,” lost 2.4 million subscribers and the company announced a massive restructuring, an earnings report released on Wednesday revealed.
The company claims their streaming service, which launched in 2019, lost 2.4 million subscribers. This total is not as severe as some analysts expected, as the streamer recently raised the price of its monthly subscription from $7.99 to $10.99, and were expected to lose more than three million subscribers, according to CNBC.
Disney also announced a massive restructuring which will seek to cut $5.5 billion in expenses and will result in 7,000 employee layoffs, Variety reported. The restructuring will reorganize Disney into three lanes: Entertainment, ESPN, and Parks, Experiences, and Products.
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