Amazon laying off hundreds in Prime Video, Studios in latest cuts

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Amazon.com will lay off several hundred employees in its streaming and studio operations, it said in an internal note on Wednesday as companies extend their massive job cuts over the past two years into 2024.

The staff facing exit at Prime Video and Amazon MGM Studios in the Americas will be informed on Wednesday and in most other regions by the end of the week.

The online retail behemoth has cut more than 27,000 jobs last year as part of a wave of U.S. tech layoffs after the industry hired heavily people during the pandemic.

“We’ve identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact,” Mike Hopkins, senior vice president of Prime Video and Amazon MGM Studios, told employees in a note seen by Reuters.

The company has spent aggressively in recent years to bolster its media business, including the $8.5 billion deal for MGM and around $465 million on the first season of “The Lord of the Rings: The Rings of Power” on Prime Video in 2022.

Amazon.com’s streaming unit Twitch is also set to cut 35% of its staff, or about 500 workers, Bloomberg News reported on Tuesday, citing people familiar with the plans. The move could ..

Source: Economic Times

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Amazon laying off hundreds in Prime Video, Studios in latest cuts

Amazon.com will lay off several hundred employees in its streaming and studio operations, it said in an internal note on Wednesday as companies extend their massive job cuts over the past two years into 2024.

The staff facing exit at Prime Video and Amazon MGM Studios in the Americas will be informed on Wednesday and in most other regions by the end of the week.

The online retail behemoth has cut more than 27,000 jobs last year as part of a wave of U.S. tech layoffs after the industry hired heavily people during the pandemic.

“We’ve identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact,” Mike Hopkins, senior vice president of Prime Video and Amazon MGM Studios, told employees in a note seen by Reuters.

The company has spent aggressively in recent years to bolster its media business, including the $8.5 billion deal for MGM and around $465 million on the first season of “The Lord of the Rings: The Rings of Power” on Prime Video in 2022.

Amazon.com’s streaming unit Twitch is also set to cut 35% of its staff, or about 500 workers, Bloomberg News reported on Tuesday, citing people familiar with the plans. The move could ..

Source: Economic Times

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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