Politics 28000 Layoffs coming to Disney's domestic theme parks - statement from Josh D'Amaro

[nickys]

Trust me... it’s not plain sailing over here. I forget the detail but one European country reckoned it’ll be 2050-something before just the furlough cost is repaid.

I’m all for wiping out all world debt and starting again. Maybe the Star Trek world of no money would work. At least APs would be easily achievable.

I remember reading something similar.

The U.K. has borrowed £394bn this year, instead of the planned £55bn. Pretty sure the analysis of latest Spending Review said our debt is over 100% of GDP now. And that by 2025 it will have cost tax payers £1200 a year compared to what wages would ordinarily have been by then.

And yet, despite that, I think almost everyone supports the furlough scheme and the grants that the government have made to different business sectors. They can’t save every job but the alternative is unimaginable.

 

[tanc]

Really wonder what it would be like if Bob Chapek took over instead.

 

[Sirwalterraleigh]

I disagree. The Disney company has not been led well this year. It hasn’t been led st all, it’s just been cut cut and cut and all the cuts have been blamed on covid.

But in the Wall Street context...that is considered good stewardship

It is easy to say the government should have a furlough program but we are broke on this side of the Atlantic. Our Federal debt if 118.2% of GDP. We also have State and Local Governments with big debt. The Federal Government this year is already spending well over 55% of GDP. We just can't afford to bailout everyone.

I have to laugh how we’re broke now. So we weren’t broke during giveaways for the better part of 30 years...but we were broke after the housing crash...but we weren’t broke two years ago...but now we’re broke again.

I think it’s pretty obvious now.

 

[Sirwalterraleigh]

Trust me... it’s not plain sailing over here. I forget the detail but one European country reckoned it’ll be 2050-something before just the furlough cost is repaid.

I’m all for wiping out all world debt and starting again. Maybe the Star Trek world of no money would work. At least APs would be easily achievable.

People laugh...but gene rodenberry did identify the problem about 50 years ago. How long can a have and have not planet work with huge numbers??

Not to delve into philosophy on our most sacred of American gluttonous holidays

 

[seascape]

Also... did I miss something about Disney+... it hasn’t made any money for the company correct?

Disney+ technically is losing money but that does not mean the studios are not making more from Disney+ tyan they did from Netflix. Accounting is very tricky. The question is, is the extra money the studios are making greater than the loss Disney+ has on its books. I contend that with the number of customers Disney+ now as is that it is profitable going forward. Did the actually lose money until the 3th quarter but they said they needed 60 to 90 million customers to be profitable.

 

[el_super]

The board and Iger were lukewarm on chapek at best...

If I remember right, the board wanted someone from outside Disney. It was Iger that kept insisting it be someone from within.

Chapek wouldn't be there if someone didn't go to bat for him.

 

[Sirwalterraleigh]

If I remember right, the board wanted someone from outside Disney. It was Iger that kept insisting it be someone from within.

Chapek wouldn't be there if someone didn't go to bat for him.

That’s because Iger wants his status quo...which is frankly bad park stewardship. He won’t have that kinda pull moving forward

 

[Tony the Tigger]

Did they announce this on Thanksgiving?

 

[Tony the Tigger]

Disney+ technically is losing money but that does not mean the studios are not making more from Disney+ tyan they did from Netflix. Accounting is very tricky. The question is, is the extra money the studios are making greater than the loss Disney+ has on its books. I contend that with the number of customers Disney+ now as is that it is profitable going forward. Did the actually lose money until the 3th quarter but they said they needed 60 to 90 million customers to be profitable.

The free ride for Verizon subscribers is about over, so we’ll see if that has an impact.

I’ll start paying for Mandalorian, then cancel until the next season.

 

[JoeCamel]

Did they announce this on Thanksgiving?

The new number? Day before

 

[seascape]

The free ride for Verizon subscribers is about over, so we’ll see if that has an impact.

I’ll start paying for Mandalorian, then cancel until the next season.

Actually Verizon has a Disney+, Hulu and ESPN+ package now that is for as long as you keep your Verizon contract. That explains the growth of ESPN+ last quarter.

 

[Lilofan]

As the CEO? I would have asked all divisions to bring me proposals for ways to increase revenue and keep employees working in some capacity.

I would encourage divisions to work together. How can imagineering, Disney plus, and Disneyland Resort come up with something special that could only be done this year for example?

I would think Iger and Chapek are in rescue and somewhat survival mode not growing mode of the company because of the covid crisis that has greatly impacted the overall business.

 

[TrainsOfDisney]

I would think Iger and Chapek are in rescue and somewhat survival mode not growing mode of the company because of the covid crisis that has greatly impacted the overall business.

Iger and Chapek are managers, not leaders. That’s the big problem.

But yes I agree with that assessment.

 

[TheGuyThatMakesSwords]

Gotta admit.... I'm beginning to sense a death spiral .

1) Disney lays off major numbers of CMs - customers chose to not come, due to severely reduced staff...
2) Disney notes the lack of traffic.... and fires more staff ....
3) Repeat.

Not sure this will end well, for Disney....

 

[seascape]

Gotta admit.... I'm beginning to sense a death spiral .

1) Disney lays off major numbers of CMs - customers chose to not come, due to severely reduced staff...
2) Disney notes the lack of traffic.... and fires more staff ....
3) Repeat.

Not sure this will end well, for Disney....

Disney+, Hulu and Hotstar will more than make up for the loss of business from the parks. The 3 alone will also be worth more than the Netflix's marketcap. Hulu, ESPN+ and Disney+ currently have annual revenues of over $13 billion but that leaves out Hotstar and its hundreds of million streaming customers in India and Indonesia, plus they are expanding and even have customers in the US paying $44.99 a year. The future of streaming and the company's profits are in Asia even if China refuses to open up its streaming market. That is the real reason Disney sent all that money on Fox, the crown jewel was Hotstar and Fox's business in Asia.

 

[Goofyernmost]

Easy to say for one who was not denied 2 weeks of Disney pay.

For what reason? If they legitimately owe it it is possible to get it back by talking to the right people. Vacation time is part of a pay package and owed to the employee. It is earned if you have been there long enough to have fit into the requirement window.

 

[el_super]

Gotta admit.... I'm beginning to sense a death spiral .

1) Disney lays off major numbers of CMs - customers chose to not come, due to severely reduced staff...
2) Disney notes the lack of traffic.... and fires more staff ....
3) Repeat.

Not sure this will end well, for Disney....

Yeah but the flip side to this is also true: they have eliminated most of their live entertainment, removed their firework shows, character interactions, reduced operating hours and eliminated services like Fastpass+ and Park Hopping, yet the place is still pulling in at least 20% of their capacity.

Their core business is still pretty strong, and the live entertainment will return when it's safe to do so. Unless you think somehow that people will have some form of post traumatic stress, and forever avoid large crowds, then the demand will be there. Disney will find a way to fill their parks up again.

 

[TrainsOfDisney]

Their core business is still pretty strong, and the live entertainment will return when it's safe to do so

If it wasn’t safe to have live entertainment, there wouldn’t be any live entertainment.

It’s safe to do so, Disney doesn’t want to pay for it.

 

[el_super]

It’s safe to do so, Disney doesn’t want to pay for it.

Some forms may be, but generally no, it isn't safe to have live entertainment.

 

[TrainsOfDisney]

Some forms may be, but generally no, it isn't safe to have live entertainment.

It also seems like you are going to shoot down every idea I mention so what’s the point?

Edit-
Either it’s safe, or it isn’t? If frozen sing-along, dapper dans, and jammitors can perform other live shows can perform as well.

Is it safe for universal to be having live shows including a nighttime show?

Even Dollywood is having fireworks for their Christmas nights right now!