Sony Pictures Trims Workforce
The outlook for media and entertainment companies during the global coronavirus pandemic continues to be grim as the economic fallout results in lost jobs and laid-off workers.
Variety reports that dozens of employees have been removed from the company, with one prominent executive choosing to step down. Sony Pictures’ global marketing co-president, Andre Caraco, is leaving the company after shepherding movies like The Social Network, Jumanji, and Men In Black.
Meanwhile, the 35 jobs that were lost came about because the company has streamlined its domestic and international film and television operations. The streamlined operations have also resulted in Sony Pictures Motion Picture Group president Josh Greenstein and Sony Pictures Television president of networks and distribution Keith le Goy taking on new responsibilities.
The Wrap says that Greenstein and le Goy will now be heading these streamlined domestic and international operations, including the marketing divisions of the film and television department that have now been merged. Reporting to them are Lexine Wong, Danielle Misher, and Paul Noble, who are now the combined marketing group heads.
In a memo that The Wrap quotes, Greenstein and le Goy cite the global coronavirus pandemic as the catalyst for the restructuring, even as the plans have already been in the works before. The upheaval brought about by the pandemic merely accelerated the process.
Of course, Sony Pictures isn’t the only media and entertainment company that has had to let go of its staff because of the difficulties brought about by the global coronavirus pandemic. Earlier this month, WarnerMedia also laid off thousands of workers.
Just like Sony, WarnerMedia cited the global coronavirus pandemic as the main driver behind the layoffs. According to the company, they have been forced to invest more in direct-to-consumer products as consumers’ behavior has changed due to the pandemic.
Other media companies that have laid off workers include Disney, which let go of 28,000 workers in their theme parks in the United States. NBCUniversal has also warned of upcoming layoffs, with properties like Telemundo and Universal theme parks being the ones likely affected.
Even businesses that are tangentially related to media and entertainment, such as the fashion industry, have had to trim their workforce. Last July, 20 of the workers in Victoria Beckham’s fashion company were let go as a result of the pandemic.
As the global coronavirus pandemic continues to rage all around the world, it is unlikely that these layoffs will be the last ones. According to the World Health Organization’s Oct.28 dashboard, there are now 43,341,451 confirmed COVID-19 cases worldwide, with deaths at 1,157,509 people.