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[ Thu, Dec 19th 2024 ]: The Australian Financial Review
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Entertainment and Media Suffers Another Major Blow in 2024 With 15,000 Job Cuts

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
The sequel to 2023's brutal year for the entertainment and media industries was not much better. In 2024, nearly 15,000 jobs were eliminated across broadcast, television, film, news and streaming — extending a two-year run in which the news and ...
The entertainment and media industry is facing significant challenges as highlighted by the recent closure of BuzzFeed News, which has left 180 employees jobless. This event underscores a broader trend of downsizing and financial struggles within the sector. Major companies like Disney, Warner Bros. Discovery, and others have also undertaken layoffs, with Disney cutting 7,000 jobs, Warner Bros. Discovery reducing its workforce by 2,500, and Netflix letting go of 450 employees. These layoffs are part of a cost-cutting strategy amidst a backdrop of declining ad revenues, a challenging economic environment, and the ongoing shift towards streaming services. The article also mentions the impact of the Hollywood writers' strike, which has further complicated the industry's landscape by halting productions and affecting content creation. This situation reflects a pivotal moment for the industry, prompting discussions on its future direction and sustainability.

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[ https://www.yahoo.com/news/entertainment-media-suffers-another-major-140000217.html ]