Recently, the wave of layoffs in the United States has intensified, with the number of Challenger layoffs quadrupling year-on-year in November and more than 60,000 layoffs at technology companies, approaching the level of the 2008 financial crisis.

Now, the chill has spread to the media and entertainment industry, where major media and film companies have turned to cost-cutting and layoffs in the face of slowing advertising, economic concerns and streaming "money-burning".

According to media reports on SaturdayIn the past week alone, news organizations, television networks, film and television studios and entertainment giants have laid off hundreds of employees, including Warner Bros. and its CNN, NPR,$AMC Entertainment (AMC.US)$、$Paramount Global-A (PARAA.US)$$Paramount Global-B (PARA.US)$等。

The entertainment industry, which boomed during the outbreak after a surge in audience numbers, is now in decline as fears of a recession and a slowdown in advertising spending intensify. Over the past few years, many entertainment companies have invested heavily in a "money-burning war" for streaming media, which is now the biggest drag on corporate earnings, while traditional radio and cable television continue to face the loss of viewers and subscribers.

The media entertainment industry enters the cold winter mode.

In the most recent quarter$Disney (DIS.US)$Warner Bros. Discovery and Paramount have lost a total of $2.5 billion in global streaming, and they are trying to rein in costs.

Warner Bros. faces a series of challenges: a heavy debt burden was created by the merger of parts of Warner Media's business with the Discovery Channel in April. The company has laid off more than 1000 jobs since the deal was completed.

Due to the low ratings, advertising concerns and challenges of the parent company Warner BrothersChris Lichte, the head of CNN, said in a memo to all employees that layoffs were imminent and that HLN, CNN's sister channel, would stop broadcasting live shows as part of its cost savings.

NPR said on Wednesday that the decline in corporate sponsorship meant it would have to cut at least $10 million from this year's budget and would stop hiring because of the "global economic shock".

Us newspaper publishers, including USA Today, began laying off more than 200 jobs on Thursday, up from 400 earlier this year.

Entertainment companies are also facing macroeconomic pressure, and as the US streaming subscription market matures and users compete fiercely, their huge bets on streaming now look more unstable.

$Netflix (NFLX.US)$It was one of the first streaming companies to cut jobs and costs, laying off more than 400 employees earlier this year. Some media executives say Netflix Inc will pay more attention to controlling costs and improving profitability at a time when paying users are losing for the first time in more than a decade.

Walt Disney Company's streaming business lost nearly $1.5 billion in the most recent quarter alone. Iger, the former head of Walt Disney Company, said after his return that Walt Disney Company will give priority to profit rather than the increase in streaming media users.

Paramount's global CBS division recently restructured its entertainment business as part of cost-cutting efforts, leading to the departure of two senior executives. The advertising sales and production departments of CBS and Paramount have also laid off staff.

The American AMC production company, which has produced a number of classic American TV series such as "the Walking Dead" and "coquettish lawyer", saidThe cable business continues to decline, streaming services are unable to make ends meet, and the company will lay off about 200 US employees to cut costs.

Waiting time works.

Although the number of new non-farm payrolls in the US was higher than expected in November, layoffs are expected to show up more in the data over time.

Friday's non-farm data show that the U. S. labor market is still tight. In recent months, employment in the information industry has grown faster than the labour market as a whole, with jobs growing by 5% from January to November, about twice as much as overall employment in the same period.

The reason is, first, because the employment report is based on earlier data, there is usually a gap between the time when companies announce layoffs and when people are fired and actually leave, and the current layoffs are not included; second, the number of layoffs in US technology companies is still "negligible" compared with the entire US workforce.

Neil Begley, senior vice president of Moody's Corporation, a rating company, said:

Although the job market remains strong, many companies are still worried about a potential recession. Layoffs are likely to last, and you can't waste every good let a perfectly good crisis go to waste.

At present, the wave of layoffs in the United States is growing, from the technology industry, the logistics industry, and now the media and entertainment industry, is spreading widely, and the labor market is expected to usher in an inflection point as the Federal Reserve continues to raise interest rates.

Nela Richardson, chief economist of ADP, pointed out:

Turning points in the labour market may be hard to capture, but our data suggest that Fed tightening is having an impact on job creation and wage growth. In addition, the number of corporate resignations is also decreasing, and the recovery after the epidemic is stabilizing.