Disney-owned Pixar Animation Studios will cut about 175 employees, accounting for about 14% of the studio's total workforce.
The Zhitong Finance App learned that a Disney (DIS.US) spokesperson said on Tuesday that its Pixar Animation Studio will cut about 175 employees, accounting for about 14% of the total number of studio employees. This layoff comes as Disney CEO Bob Iger is working to achieve his top priority, which is to focus on the quality of content rather than quantity.
Last year, Disney's other businesses also experienced layoffs, but Pixar's layoff plans were delayed due to production schedules. Initially, there were reports that 20% of the animation studio's employees would be fired.
Iger returned to the helm of Disney at the end of 2022, and he has been working to reverse the box-office woes caused by the company's content decisions and the pandemic lockdown. Disney's multiple film series (including the Marvel Cinematic Universe) have mixed results, but the company found it challenging to make its animated feature films resonate with audiences.
Since 2019, no Pixar or other Disney animated film has grossed more than $480 million worldwide. In contrast, just before the outbreak of the pandemic, “Journey Around the World” had a global box office of $796 million, “The Incredibles 2” grossed $1.24 billion, and “Toy Story 4” had a global box office of $1.07 billion.