For the first time ever, Disney Plus is losing subscribers; CEO Bob Iger announces layoffs

The number of global subscribers to Disney Plus has now decreased by more than 2 million, marking the streaming service's first loss since it launched in 2019. The company's Chief Executive Officer, Bob Iger, who recently returned to the top position, has disclosed that Disney will be getting rid of thousands of workers. According to the reports. Disney's streaming service has continued to add new customers ever since it launched. The enormous entertainment company released its first-quarter 2023 financial results, which showed the declining number of Disney+ subscribers. There are currently just 161.8 million users globally for the massive streamer, which also hosts material like Star Wars and Marvel. The streaming service had more, though, in the prior quarter. [caption id="" align="aligncenter" width="600"] Image credit- Tech Times[/caption] Disney+ formerly boasted about 164.2 million subscribers, according to Tech Crunch. However, it decreased this time by roughly 2.4 million. In addition, Variety says that Hulu increased its member base by about 800,00. It now has almost 48 million subscribers overall, whereas ESPN+ added 600,000 new ones, bringing its total to 24.9 million. Also read: Bob Iger from Disney has been hoping to run for president, according to Netflix Co-CEO However, the streaming behemoth lost almost 3.8 million customers to Disney+ Hotstar, which caters to people in India and Southeast Asia. The number of Disney Plus subscribers globally has decreased significantly as a result.   [caption id="" align="aligncenter" width="681"] Image credit- Variety[/caption] Disney Layoffs Announced by Bob Iger The head of Disney has now announced efforts to turn its streaming business profitable in light of this. Iger intends to accomplish this by drastically restructuring the House of Mouse, which will result in the firing of thousands of workers. The report states that the large company ceased taking on new hires in November. Currently, it has plans to eliminate positions and lay off thousands of employees. The CEO also thanked them for their hard work and commitment, noting that the House of Mouse will be letting go of 7,000 employees. Three percent or so of Disney's global staff will be impacted by the impending job losses.