Marvel announces layoffs amid strategic shift
Marvel, the globally recognized entertainment giant, laid off 15 employees on Monday, Deadline reported. The layoffs affected various levels of production and development at Marvel Studios in Burbank and staff within the Marvel Entertainment section in New York. This decision follows a decrease in film and TV titles due to challenges faced during their 2023 releases, leading the company to reassess its rapid expansion of productions for Disney+.
Disney's merger decision believed to have impacted Marvel staffers
The layoffs also follow Disney's decision in March last year to merge the Marvel Entertainment banner into other sectors of the company. This consolidation resulted in overlapping roles, leading to job cuts. The merger had already led to the removal of Isaac "Ike" Perlmutter from his role as chairperson of Marvel Entertainment, along with two other high-ranking executives.
Marvel's strategic plan to adjust production lineup
During a February earnings call, Bob Iger, CEO of The Walt Disney Company, revealed a strategic plan to adjust Marvel's production lineup. "We've reduced volume," Iger stated. The strategy aims to enhance their cinematic offerings by focusing on producing superior films, discontinuing projects they lack faith in, and introducing new projects they are confident about. This year, Marvel Studios has only one movie release—Deadpool & Wolverine.
Disney's broader restructuring resulted in 7,000 job cuts
The layoffs at Marvel are part of a broader restructuring within Disney that resulted in 7,000 job cuts as part of a $5.5B cost-saving initiative. The job cuts were especially noticeable in New York due to increased efficiency following the integration of the Marvel Entertainment team into Marvel Studios and other Disney divisions. Despite these changes, the studio does not foresee any further impact.
