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Sony Pictures to cut 450 workers as DVD sales decline

Sony Pictures Entertainment is laying off 450 people, more than 6.5% of its workforce, as part of a studio-wide belt-tightening blamed on the growth of piracy and changing media consumption patterns, particularly the ongoing downturn in DVD sales.

In a memo to Sony Pictures' roughly 6,800 employees Monday, Chairman Michael Lynton and Co-Chairman Amy Pascal said most of the layoffs would hit the home entertainment and information technology divisions in the U.S.

But all business units would be affected, they said, including motion pictures, television, digital production and corporate operations.

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cyguration2851d ago

They're just getting greedier as people have to cut spending costs in their own homes.

Piracy has been a consistent factor within digital consumption since the introduction of 14.4kbps modems (it was painful but digital piracy was still moderately possible).

The biggest problem media industries face today is their lack of innovation to adapt to the changing times. A perfect example of a company who has adopted the shift in digital interactivity is Valve...I may not like Steam but it's a perfect fit for where digital entertainment purchases and consumerism is going.

EvilBlackCat2850d ago

Wow

Hey Sony! What happen to BluRay?

Can they(workers) work for you in that area?