Zee Layoffs: Media Giant Cuts 50 pc Of Its Workforce In THIS Division- Check Details (image source: Canva)
Zee Layoffs 2024: Zee Entertainment Enterprises Ltd (ZEEL) announced on Friday the layoff of approximately 50 per cent of its workforce in the Technology and Innovation Centre (TIC) division by following the guidance of a special committee. This committee conducted a thorough evaluation of various business verticals within the company, as per the PTI report.
Zee Job Cuts For Cost-Effective Operations
In an official statement, ZEEL announced that the Managing Director and CEO have reduced the staff strength at TIC by half to establish a more cost-effective structure. The Bengaluru-based business vertical of the company, responsible for providing technology solutions, has undergone this restructuring process.
While the exact number of affected employees has not been disclosed, ZEEL had previously mentioned in its annual report that the centre employed over 650 engineers, offering a significant edge in the digital ecosystem competition.
Implementation of the 3M Program
ZEEL has initiated a monthly management mentorship program called the 3M Program. This program aims to guide and empower the management team to achieve crucial performance metrics. Based on the guidance received from the board during this program, the MD & CEO, Punit Goenka, undertook the restructuring of TIC.
Approach for Content Enhancement
Moving forward, TIC will maintain a sharper focus on enhancing the overall content creation, distribution, and monetization processes of the company. By leveraging technology-led tools, TIC aims to gain deeper insights into consumer preferences and improve content-related operations.
Punit Goenka, MD & CEO of ZEEL, expressed the company’s commitment to creating exceptional and engaging content for viewers worldwide. He emphasized the importance of blending creativity, consumer insights, and futuristic technology to meet the expectations of billions of viewers.
Committee Recommendations and Strategic Realignment
Earlier, a special committee had conducted a detailed analysis of TIC, which incurred significant expenditure in the previous year. The committee advised reducing TIC expenditure by 50 per cent for the Financial Year 2024-25. It suggested utilizing TIC’s services to enhance content development, distribution, and monetization approaches while ensuring a focus on return on investment.
The management has been advised to leverage TIC’s Artificial Intelligence (AI) and Machine Learning (ML) tools for deeper consumer insights. Additionally, ZEEL recently announced a strategic realignment of its revenue vertical under the direct supervision of the MD & CEO.
Despite challenges faced since 2020, ZEEL is trying to improve its performance and efficiency across all businesses to achieve higher EBITDA. The board will closely monitor the implementation of the proposed business model and plan.
While ZEEL’s earlier merger plans with Sony Pictures Network India were called off in January, the company continues to navigate through industry dynamics and strategic decisions to drive growth and sustainability, PTI reported.
ZEEL share price: The media giant shares in the last trading session was down by 1.84 per cent or Rs 2.60 at Rs 138.75 per share.
