Pixar Cuts 14% of Staff Amid Disney's Cost Reduction Plan
Disney's Pixar Animation Studios is cutting approximately 14% of its workforce, affecting around 175 employees. This move is part of a broader cost-cutting strategy initiated by Disney CEO Bob Iger, who aims to reduce $7.5 billion in annual expenses. The layoffs follow a previous announcement from January, which hinted at significant staff reductions. This marks the largest staff cut in Pixar's history.
The decision to reduce the workforce comes amid a shift in Disney's strategy to focus more on theatrical releases rather than original streaming content. This change in direction follows a period where former Disney CEO Bob Chapek had pushed for increased production of exclusive content for Disney+. Pixar's most recent film, "Elemental," initially struggled but eventually grossed $29.5 million in domestic box office sales during its opening weekend. The studio will now prioritize feature films, with its next original series, "Win or Lose," set to debut on Disney+ later this year.
