Global media industry getting hit by sizeable lay-offs on recession fears — report
The media industry is getting hit by sizeable rounds of lay-offs and cost-cutting measures as the ad market continues to show signs of a serious slowdown.
In a report on 22nd November, American news website Axios said that for many companies, the challenges are similar to the early onset of the pandemic.
But now, it said fewer government relief programs and resources from Big Tech firms are available to help.
The portal said an unprecedented number of media lay-offs occurred in 2020.
But last year, job losses were at their lowest since 2008, it said.
但它表示，去年失业人数是 2008 年以来的最低水平。
Commenting on the US situation, Axios said more than 3,000 jobs have been cut through October this year.
Axios said nearly all of the major entertainment giants are bracing for sweeping lay-offs in the next few weeks.
It said many of those firms have invested enormously in new streaming products that aren't profitable yet.
Warner Bros Discovery has continued to lay off staffers, in part to alleviate the debt created by the merger that created the new firm earlier this year.
Warner Bros Discovery 继续裁员，部分原因是为了减轻今年早些时候创建新公司的合并所产生的债务。
Citing sources, Axios said that CNN chief Chris Licht warned employees last week that the network would see more lay-offs beginning next month.
Axios 援引消息人士的话说，CNN 首席执行官Chris Licht上周警告员工，该网络将从下个月开始裁员。
Paramount Global, the parent to CBS, MTV, VH1 and a slew of other networks and streaming services, began to cut jobs last week, mostly in ad sales.
Paramount Global是 CBS、MTV、VH1 和许多其他网络和流媒体服务的母公司，上周开始裁员，主要是广告销售人员。
The Walt Disney Company last week announced lay-offs, a hiring freeze and other cost-cutting measures, as the company continues to struggle with rising streaming costs.
Axios said digital upstarts are particularly vulnerable to ad slowdowns, because contracts for digital ads are typically much easier to pull at the last minute than contracts for television ads.
It also said industry experts are particularly concerned about what a possible recession could mean for the newspaper industry, which is facing higher distribution and labor costs in the wake of the pandemic.