Amazon to lay off several hundred Prime Video and MGM employees - reports

investing.com:

Amazon (NASDAQ:AMZN) is reportedly laying off «several hundred» employees in its Prime Video and MGM Studios divisions.

IndieWire, which first reported the news, said it had seen an email from the SVP of Prime Video and Amazon MGM Studios, Mike Hopkins, in which employees were told of the decision.

The email is said to state that the industry continues to evolve quickly, and the company needs to prioritize its investments for the business's long-term success.

Furthermore, Hopkins writes that the company has identified opportunities to reduce or discontinue investments in certain areas while increasing their 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,» said Hopkins, according to IndieWire, which quoted the email in full. «Today, we will begin to reach out to colleagues who are impacted by these role reductions.»

IndieWire added that sources told them the layoffs represent a relatively small percentage of Hopkins' staff.

In addition, future investments in the Prime Video and MG divisions will focus on marketing, programming, and product, alongside other endeavors that «move the needle.»