The economic fallout brought about by the global coronavirus pandemic continues to affect numerous industries, with one of the hardest hit being the film and entertainment industry. Just recently, another media giant has announced plans to layoff numerous workers.

Variety reports that WarnerMedia is set to lay off thousands of its workers in the coming weeks in a bid to cut their costs by as much as 20 percent. This is the second time the media company is letting go of people, as it had already done so back in August.

In a statement, the company said that they are not immune to the pandemic's economic effects. Because the pandemic has changed consumers' behavior, WarnerMedia shared that they are now focusing their resources on bigger investments on direct-to-consumer products.

Deadline notes that letting go of employees is something that is happening throughout the industry, especially as entertainment companies are pivoting towards streaming. For instance, WarnerMedia is working to propel its newly-launched streaming service, HBO Max, to greater heights during the pandemic.

Disney, with most of its theme parks closed because of the global coronavirus pandemic, has been forced to lay off 28,000 of its theme park workers in the United States. The company had previously furloughed 43,000 staffers from its Disney World theme park.

Jeff Shell, CEO of NBCUniversal, also warned that layoffs in the hundreds or thousands were likely to happen at the company as their television and streaming departments were being streamlined. Also likely to be affected are the company’s regional sports networks, Telemundo, and Universal theme parks.

Thousands of workers have also been laid off at ViacomCBS.

Even businesses outside of the film and entertainment industry have been affected by the global coronavirus pandemic. Victoria Beckham has also had to let go of 20 workers at her fashion company in July of this year.

Beckham has already had to close her shop in London before letting go of her workers. She also reportedly has not been paying herself for three years to keep the business going and letting go of the workers has left her “devastated.”

The 46-year-old’s fashion brand had to let go of the workers because of the global coronavirus pandemic, which necessitated the streamlining and “future-proofing” of the brand. The brand has also had to cut down its yearly collection of £1.5 million by half.

Conditions for these companies are unlikely to get better anytime soon as the global coronavirus pandemic continues to spread across the world. According to the World Health Organization’s Oct. 9 dashboard, there are now 36,002,827 confirmed COVID-19 cases worldwide, with deaths at 1,049,810 people.