India Breaking Buzz

Amazon To Make Significant Cuts To Studios And Prime Video: All the Details

<p><strong>(Reuters) –</strong>As businesses continue their significant job cutbacks from the previous two years into 2024, announced in an internal message on Wednesday that it would be laying off several hundred staff in its streaming and studio divisions.</p>
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<p>Employees who will be leaving Prime Video and Amazon MGM Studios in the Americas will be notified on Wednesday; by the end of the week, most other territories will also get this information.</p>
<p>The massive online retailer let off more than 27,000 workers last year as part of a wave of tech layoffs in the United States after the industry’s heavy hiring during the epidemic.</p>
<p>Michael Hopkins, senior vice president of Prime Video and Amazon MGM Studios, wrote to staff members, “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.” The note was seen by Reuters.</p>
<p>The $8.5 billion acquisition of MGM and the approximately $465 million investment on the first season of “The Lord of the Rings: The Rings of Power” on Prime Video in 2022 are just two examples of the company’s recent significant spending to support its media sector.</p>
<p>Ads on Prime Video and a more costly ad-free membership tier in some markets are also scheduled to launch, following the lead of competitors Netflix NFLX.O and Walt Disney DIS.N.</p>
<p>Following massive layoffs in 2022 and 2023, a lot of businesses are already focusing on certain initiatives and business units as they reallocate their resources.</p>
<p>Microsoft recently let go of several employees from its LinkedIn professional network, while Amazon recently reduced employment at its Alexa speech assistant business.</p>
<p>A media source on Tuesday said that 500 workers, or around 35% of the company, will be let go by Amazon’s Twitch service.</p>
<p>After rising more than 80% in the previous year, its shares were up 1.5% in midday trade today.</p>

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