Digital media companies are especially vulnerable.
of media layoffs occurred in 2020. But last year, job losses were at their lowest since 2008.
More than 3,000 jobs have been cut through October this year, per data from Challenger, Gray & Christmas — and more are coming.Nearly all of the major entertainment giants are bracing for sweeping layoffs in the next few weeks. Many of those firms have invested enormously in new streaming products that aren't profitable yet.
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