The Disney-owned animation studio Pixar has acknowledged that it would be laying off employees this year.
Techcrunch reports that Pixar’s staff of 1,300 will be reduced to less than 1,000 over the next several months due to massive layoffs that might reach up to 20%. Pixar claims that these figures are excessive.
The studio emphasized that although Pixar concentrates on producing less material, the layoffs will occur later this year and are not imminent.
The workforce that Pixar laid off as part of the Disney+ hiring drive when Disney pressured Pixar to develop content for its streaming business, which hasn’t yet generated a profit.
The most well-known works by Pixar, a Disney company, are “Monsters, Inc.”, “WALL-E,” “Finding Nemo,” and the “Toy Story” series.
It is now the most recent to be affected by Disney’s cost-cutting initiatives. The company announced during its Q4 earnings that it would increase by an extra $2 billion to reach its target of $7.5 billion. This comes after Disney+ streaming division losses persisted and a decline in ad revenue from ABC and other TV stations.
