Amazon To Lay Off Hundreds Of Jobs In Prime Video And MGM Studios

(RTTNews) - Amazon (AMZN) is set to lay off hundreds of employees from its Prime Video and Amazon MGM Studios divisions.

SVP Mike Hopkins sent an email to employees on Wednesday morning informing them about the layoffs. It is the latest round of job cuts after the tech giant fired a large number of employees in the past couple of years. Beginning at the end of 2022 and continuing through 2023, Amazon laid off over 27,000 jobs across almost every division of the company.

Hopkins said that Amazon has "identified opportunities to reduce or discontinue investments in certain areas" but plans to increase spending on some "content and product initiatives that have the most impact."

"Throughout the past year, we've looked at nearly every aspect of our business with an eye towards improving our ability to deliver even more breakthrough movies, TV shows, and live sports in a personalized, easy to use entertainment experience for our global customers," Hopkins wrote in the memo. "As a result, 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. As a result of these decisions, we will be eliminating several hundred roles across the Prime Video and Amazon MGM Studios organization."

The layoffs come the same day Amazon's Twitch livestreaming unit announced it will cut 500 jobs.