Mass layoff season has entered the media and entertainment industry now. It is known that tech layoffs have shaken IT employees with major tech companies have reduced the workforce as part of their cost-cutting techniques. The other way to reduce the costs is to reduce advertising which affects the media and entertainment industry.
According to the report from Axios, Till October, already 3,000 jobs have been cut and as per the reports, more are on the way. Discovery by Walt Disney has announced layoffs of employees due to the slowdown in the economy. Paramount Global has announced a hiring freeze and layoffs as well.
Politico launched Protocol, a tech news website in 2020 and now as a part of their cut costs, around 60 employees will be shut down. According to the reports, the newspaper industry is the most affected due to inflation.
