After 2023’s massive job cuts in tech and entertainment, the trend continues in 2024. Hundreds of North American workers at Amazon Prime Video and MGM Studios are the latest to be struck by layoffs. Other territories under these areas of the retailer-turned-film-studio will also be affected, but not until later this week. Domestic workers have been notified this morning.
Plenty of factors in the last few years have resulted in this trend, particularly in the latest wave of layoffs at Amazon Prime Video and MGM Studios. The company hired additional workers during the pandemic, had troubles with the streaming model across all services, suffered through the SAG-AFTRA and WGA strikes, and spent millions on its shows, like the pricey The Lord of the Rings: The Rings of Power.
Amazon Prime Video and MGM Studios Hit With Layoffs Two Weeks into 2024
The company has already been cutting jobs before this latest news. Last year, it cut approximately 18,000 jobs. For 2024, the company has already been thinning other areas. Yesterday, Bloomberg reported that 35% of Twitch will be cut, approximating to 500 employees.
The streaming landscape has been rocky as growth proved to be difficult to maintain increased profits while investing in new shows and movies. Netflix, Amazon, Disney, and others have attempted to adapt by altering subscription models. Amazon added an ad-supported tier and increased the price of its standard ad-free tier.
The layoffs at Amazon Prime Video come two weeks after it put out a trailer to highlight what it has coming in 2024. Despite the positive vibes of its lineup, which includes Invincible season 2, Mr. and Mrs. Smith season 1, The Boys season 4, and Fallout season 1, things continue to spiral downward for employees under the company.
