Pixar Animation Studios laid off 14% of its workforce, or approximately 175 of its 1,300 employees, and has no plans to rehire them, the firm revealed Tuesday.
Pixar president Jim Morris informed the affected employees of the layoffs on Tuesday.
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Although we had projected the downsizing since the beginning of the year, the actual impact was less than we had anticipated. According to prior estimates, the percentage of affected workers was 20%, or approximately 260.
The layoffs are the largest in Pixar’s history, but they do not affect high management.
Lucasfilm founded Pixar in 1979 as its graphics division, but Apple’s Steve Jobs helped spin it off into its own firm in 1986 and became its majority shareholder.
Disney acquired Pixar in 2006 and subsequently used it to develop content for the Disney+ streaming network under the supervision of Bob Chapek, who was Disney’s CEO for around three months near the end of 2022.
When Disney attempted to return to the big screen, its $200 million spinoff of “Toy Story” titled “Lightyear” failed at the box office.
So did the 2020 theatrical release of “Onward,” which suffered as a result of the COVID-19 epidemic.
Bob Iger, the current CEO of Disney, returned to his prior post in November 2022.
Iger stated that there is too much rivalry among streaming providers and emphasized quality theatrical releases above quantity meant for Disney’s streaming service.
The lone bright spot in Pixar’s recent history is “Elemental,” which earned approximately $500 million in box office receipts last year and is popular on Disney’s streaming channel.
Pixar will release “Inside Out 2” on June 14 and has plans to release “Elio” in 2025 and “Toy Story 5” in 2026.
