On Tuesday, Pixar Animation Studios made the unfortunate decision to lay off 175 of its 1,300 workers, which amounts to approximately 14% of its workforce. Regrettably, the studio has confirmed that there are no plans to rehire these employees.
Pixar’s president, Jim Morris, informed the affected workers about the layoffs on Tuesday, according to a note sent to employees.
The downsizing had been anticipated since the beginning of the year, but the actual number of affected workers was lower than initially projected. Earlier estimates had suggested that around 20% of the workforce, approximately 260 employees, would be impacted.
Pixar has recently experienced its largest layoffs in history, although it’s important to note that these job cuts do not impact the company’s upper management.
In 1979, Lucasfilm established Pixar as its graphics wing. However, in 1986, with the assistance of Apple’s Steve Jobs, it became an independent corporation, with Jobs as its majority shareholder.
In 2006, Disney acquired Pixar and, under the guidance of Bob Chapek, who served as Disney’s CEO for a brief period in late 2022, utilized it to generate content for the Disney+ streaming platform.
Disney’s attempt to make a comeback on the big screen with its $200 million spinoff of “Toy Story” titled “Lightyear” fell flat at the box office.
The COVID-19 pandemic also impacted the 2020 theatrical release of “Onward.”
In November 2022, Bob Iger, the current CEO of Disney, resumed his former leadership position.
According to Iger, there is an excessive amount of competition among streaming services, and he believes that prioritizing quality theatrical releases is more important than focusing on quantity for Disney’s streaming service.
Pixar’s recent past witnessed a shining beacon of success with “Elemental.” This masterpiece not only garnered a staggering $500 million in box office receipts last year but also continues to captivate audiences on Disney’s streaming platform.
Pixar has announced that “Inside Out 2” will be hitting the screens on June 14. Additionally, the studio has exciting plans to release “Elio” in 2025 and “Toy Story 5” in 2026. Fans of these beloved films can look forward to a future filled with new adventures and heartwarming stories.
