COVID-19 pandemic hasn’t been easier for all, NBCUniversal is the new name that’s been added to the list of corporations affected by the pandemic. The current news is that NBCUniversal has faced immense financial losses during the pandemic period, thus prompting the management to lay off the employees.
The social distancing is the most basic guideline issued for the prevention of the virus, that has forced the entertainers and artists to go online. Eventually, many entertainment companies are positioning themselves to become a streaming company, where content will be aired online on various platforms.
A person associated with NBCUniversal has revealed the plans of the company on Tuesday. However, the layoff will not be affecting more than one tenth of the company. There are slightly over 35k people working at NBCUniversal.
The layoffs are going to hit every section of the company. Movie studio, theme park and cable network business are on the list.
NBCUniversal owns news channels like NBC News. The pandemic has forced many entertainment companies to start layoffs due to declining income. Disney and WarnerMedia are already implementing workforce cuts.
NBCUniversal and Disney handle theme park business which is severely hit by the virus outbreak. Comcast, which is owner of NBCUniversal, has reported a 25% revenue decline in the second quarter. Whereas Disney is losing $1.4B loss.
Jeff Shell has become Chief Executive Officer of the company, he’s focusing the operations on the new streaming platform – Peacock, which was released in July.
Even though many sectors are recovering from the shockwave of the pandemic, it will be interesting to see how entertainment sectors will save jobs of people and restructure itself for the future.