After the tech, media and entertainment sector enters mass layoff season

Collective licensing : Mass layoff season has begun to affect the media and entertainment sector globally, although job losses at major IT companies continue to be a major source of concern for workers. Additionally, it was impacted by job losses as marketers cut spending due to the global economic downturn.
Through October this year, the media industry has seen over 3,000 jobs lost, with more expected.

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Other layoffs from January

Despite the recession, Warner Bros. Discovery continued to lay off workers. Chris Licht, the CEO of CNN, informed staff last week that there would be further layoffs starting in January, according to sources who spoke to Axios.

A hiring freeze, layoffs and other cost-cutting initiatives have been announced by media outlets from Paramount Global to The Walt Disney Company. Last month, Comcast’s cable division announced layoffs. According to sources, NBCUniversal, its entertainment division, is also planning layoffs.

By the end of the year, Protocol, the tech news site that Politico launched in 2020, will shut down. According to Axios, there will be around 60 layoffs. After making earlier cuts last month, Nancy Dubac, CEO of Vice Media, warned colleagues that the company plans to cut costs by “up to 15%”.

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Newspaper Industry Faces Rising Labor and Delivery Costs

In the wake of the outbreak, analysts say the newspaper industry is facing rising labor and delivery costs. The report referred to “Gannett, the parent company of USA Today, said it is planning another round of layoffs, in addition to furloughs, after laying off 400 people in August.”

According to a tally by Crunchbase News, more than 73,000 US tech workers had been laid off by mid-November. Big IT companies like Netflix have reduced employment this year.

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