“Media layoffs spike amid recession fears”
November 22, 2022
“The media industry is getting hit by sizable rounds of layoffs and cost-cutting measures as the ad market continues to show signs of a serious slowdown.
Why it matters: For many companies, the challenges are similar to the early onset of the pandemic. But now, fewer government relief programs and resources from Big Tech firms are available to help.
- An unprecedented number of media layoffs occurred in 2020. But last year, job losses were at their lowest since 2008.
- More than 3,000 jobs have been cut through October this year, per data from Challenger, Gray & Christmas — and more are coming.
Driving the news: Nearly all of the major entertainment giants are bracing for sweeping layoffs in the next few weeks. Many of those firms have invested enormously in new streaming products that aren’t profitable yet…”
https://www.axios.com/2022/11/22/media-layoffs-cnn-disney-economy-jobs-advertising