The media industry as a whole has been trying to find its footing since the pandemic in 2020. As quickly as viewers showed up in droves, ready to consume content and subscribe to streaming services, the proverbial tides receded with the release of COVID-19 vaccines which allowed people to return to some semblance of normal life.
Coupled with higher costs that are forcing everyone to re-examine the number of subscriptions they have and a crater advertising market, it’s not a good time for media companies. Add in the growth of cord cutting and you can see how media companies are struggling. On Thursday, Google cut at least 40 jobs from its news division, according to CNBC.
The layoffs are just the latest cuts in an industry that is finding itself at a crossroads. The streaming business has disrupted how the entertainment business works, while a weaker ad market and social media pulling back from sharing news coverage has made the media business a tough place to remain employed.
It’s not like the media business is alone in layoffs – companies across a wide variety of industries have been cutting jobs, from telecom to the big banks.
Variety assembled a list of recent major media and tech layoff announcements earlier this month. Here are some of the highlights from film, streaming and broadcast production:
2023
- DIRECTV
- NBC News and MSNBC
- Amazon
- Vimeo
- Disney
- Spotify
- Showtime
- The CW
- Roku
- Lionsgate
- Paramount
- Blumhouse Television
- DreamWorks Animation
2022
- Netflix
- HBO and HBO Max
- NBCUniversal’s E!
- Warner Bros. Discovery
- Comcast’s G4 TV
- Comcast Cable
- Amazon
- Roku
- AMC Networks
- CNN
- Paramount TV Studios, CBS
Entertainment companies have also turned to licensing content, new business partnerships, and price increases to make ends meet amid rising inflation and the ongoing actors strike.