Amazon Initiates Restructuring: Job Cuts in Prime Video and Studios
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According to a Reuters report, employment notifications for affected employees at Prime Video and Amazon MGM Studios in the Americas are set for Wednesday, with the majority of other areas receiving notice by the end of the week.
Reuters cited Mike Hopkins, the Senior Vice President of Prime Video and Amazon MGM Studios, who conveyed the company's decision in an internal note, stating, "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."
This move comes after Amazon's workforce reduction of over 27,000 jobs last year, aligning with a broader wave of tech layoffs in the US following a period of extensive hiring during the pandemic.
Amazon has been actively investing in its media business, including the acquisition of MGM for $8.5 billion and a hefty expenditure of around $465 million on the first season of "The Lord of the Rings: The Rings of Power" on Prime Video in 2022.
However, the company is now making strategic shifts, prioritising content and product initiatives that promise the highest impact.
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In addition to the job cuts in the streaming and studio divisions, Amazon is set to introduce changes to its Prime Video offerings. This includes the rollout of advertisements on Prime Video and the introduction of a more expensive, ad-free subscription tier in select markets, mirroring moves made by competitors like Netflix and Walt Disney.
(With inputs from Reuters)
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