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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Amazon to lay off several hundred staff in Prime Video, Studios

A man walks past a logo of Amazon Prime Video during a launch event in Mumbai, India, April 28, 2022. REUTERS/Francis Mascarenhas/File Photo
A man walks past a logo of Amazon Prime Video during a launch event in Mumbai, India, April 28, 2022... A man walks past a logo of Amazon Prime Video during a launch event in Mumbai, India, April 28, 2022. REUTERS/Francis Mascarenhas/File Photo
A man walks past a logo of Amazon Prime Video during a launch event in Mumbai, India, April 28, 2022. REUTERS/Francis Mascarenhas/File Photo
A man walks past a logo of Amazon Prime Video during a launch event in Mumbai, India, April 28, 2022... A man walks past a logo of Amazon Prime Video during a launch event in Mumbai, India, April 28, 2022. REUTERS/Francis Mascarenhas/File Photo

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On Wednesday, Amazon.com (AMZN.O.) announced several hundred streaming and studio layoffs in an internal message as corporations continue their significant employment cuts beyond 2024.

Staff leaving Prime Video and Amazon MGM Studios in the Americas will be informed on Wednesday and in most other locations by the end of the week.

After hiring significantly during the pandemic, the online shopping giant let off almost 27,000 workers last year.

“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,” Prime Video and Amazon MGM Studios senior vice president Mike Hopkins told employees in a note seen by Reuters.

The $8.5 billion MGM agreement and $465 million on the first season of “The Lord of the Rings: The Rings of Power” on Prime Video in 2022 are examples of the company’s recent media investments.

Like Netflix NFLX.O and Walt Disney DIS.N, it will introduce adverts on Prime Video and a more costly ad-free membership tier in select markets.

After massive employment losses in 2022 and 2023, several corporations are re-prioritizing projects and divisions.

Amazon eliminated Alexa voice assistant roles, and Microsoft (MSFT.O) reduced LinkedIn workforce. On Tuesday, media reported that Amazon’s Twitch service will lay off 500 people, or 35% of its staff.

Its shares rose 1.5% in midday trade after rising 80% last year.


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