Disney is swinging the axe at Pixar again, and 20% of their staff will reportedly be laid off this year. Why? Well, box office disasters like Lightyear aren’t making a case for Disney to keep cranking out more $200 million animated projects. Ironically, it’s Walt Disney Animation Studios that took the biggest hit with Strange World and Wish coming up short.
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Additional Context:
In 2024, Pixar Animation Studios, owned by Disney, is facing significant layoffs. Reports suggest that the layoffs could be as high as 20% of Pixar’s 1,300-person workforce, although Pixar has disputed these numbers. The company intends to maintain a workforce of over 1,000 people and the layoffs will not reach the 20% mark. These layoffs are primarily attributed to the additional staff hired for Disney+ streaming projects, which are now complete. Disney CEO Bob Iger has reduced investment in streaming until it becomes profitable, expected by the end of 2024.
This follows a trend of layoffs at Pixar, with the largest reduction in the last decade occurring in the spring of 2023, when 75 employees were laid off. These downsizing efforts are in response to a challenging period for Pixar and Disney animated films. Notably, movies like “Lightyear” and “Elemental” underperformed relative to studio expectations. “Elemental,” for instance, had a soft opening weekend but eventually generated nearly $500 million globally, which was profitable but below Disney’s expectations for such productions.
Pixar’s upcoming releases include “Inside Out 2,” set for June 2024, and they are also working on sequels to “Toy Story” and “Cars.” These layoffs are seen as a recalibration to pre-Disney+ levels, focusing on a mix of franchise sequels and new properties.
The underperformance of recent Pixar films, alongside the evolving landscape of the streaming market, seems to have influenced these corporate decisions. Disney’s hopes are pinned on upcoming releases to revitalize the brand, considering the long-awaited sequels and the loyal fan base of their franchises.
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