Disney is indeed evolving to keep up with the constantly changing weather of entertainment. With streaming taking center stage, Disney’s streaming platform Disney+ added 7 million core subscribers in the quarter. This led to the company reporting its earnings in a new format that breaks out ESPN.
AMP in the post
Walt Disney – Moving Into Its Next Phase Under The Guidance Of Longtime CEO Bob Iger
What better time to do a major restructuring than under the watchful eyes of Bob Iger, who has been with the company for 20 years. This is also exactly the reason he returned to his old position at Disney after stepping down for a while.
So until his new contract expires in 2026, Bob Iger will be leading the entertainment giant’s next phase. Iger promised fans that the company’s future has effectively begun in latest quarterly earnings report (its fiscal fourth-quarter).
“While we still have work to do, these efforts have allowed us to move beyond this period of fixing and begin building our businesses again,” Iger said in a statement. “We have a solid foundation of creative excellence and innovation built over the past century, which has only been reinforced by the important restructuring and cost efficiency work we’ve done this year, and we’re on track to achieve roughly $7.5 billion in cost reductions. Combined with our portfolio of valuable businesses, brands and assets — and the way we manage them together — Disney has a strong hand that differentiates us from others in our industry.”
Previously, the cost reductions was projected to be around $5.5 billion, so they’ve shaved off an extra $2 billion.
AMP in the post
“As I reflect on our achievement this past year, I’m mindful of the fact that a lot of time and effort was spent on fixing, both contending with certain decisions made in the recent past, and addressing the numerous challenges brought on by disruption and the pandemic,” Iger added on the earnings call. “And while we still have work to do to continue improving results, our progress has allowed us to move beyond this period of fixing and begin building our businesses again.”
Bob Iger – Reveals the Four Points Disney Will Focus Its Future On
As regards to embarking on a new phase, Iger said Disney will focus on four strategic priorities, which involves making streaming a profitable business, building ESPN for a digital future, expanding its live experiences business and “improving the output and economics of our film studios.”
“To achieve this, we are focusing heavily on the core brands and franchises that fuel all of our businesses and reducing output overall, to enable us to concentrate on fewer projects and improve quality while continuing our efforts around the creation of fresh and compelling original IP,” Iger said. “I’m devoting considerably more of my time to this with the goal of improving returns, always seeking to exceed the level of creative excellence audiences expect from Disney.”
AMP in the post
Be sure to catch up on everything happening with Disney right now. Come back here often for all Disney spoilers, news, and updates.