food IS a theme park
Over the past few days, we’ve learned a LOT about the future of the Walt Disney Company.
Disney World
On July 12th, 2023, it was announced that Disney CEO Bob Iger’s contract with the company would be extended through 2026, which would allow for project continuity and more preparation for succession. Now, Iger has revealed even more about the company’s plans for upcoming changes.
Ever since he came back as CEO of The Walt Disney Company, Bob Iger has made quite a few big changes.
©Apple
He instituted several changes in the parks, initiated thousands of job cuts, and restructured some of the departments to help get Disney back on track financially and with its fans. But could more changes be on the horizon? With Iger’s contract having just been extended and the company still fighting financial issues…it’s likely. And now we know a little more about which changes may come.
Bob Iger has announced a few priorities on his plate since returning as CEO of the Walt Disney Company.
It’s Disney+ Day!
One of which is focusing on improving streaming at Disney+, along with Hulu and ESPN+. During the last company earnings call, we learned that the total number of Disney+ subscribers was 161.8 million. And now that Disney+ has officially launched its ad-supported tier, we have an update on just how Disney’s streaming service is doing.
Bob Iger has only been back as Disney’s CEO for a few months, but we’ve already seen some massive changes made.
©D23
Free parking is back at Disney World’s hotels, a Park Pass change has been announced, a massive restructuring of the Company has been revealed to fix a Bob Chapek “mistake,” and Iger has hinted at some other changes that could mark a “stark reversal in strategy” at the Company. Now, he’s discussed another matter where he and Chapek might not have necessarily seen eye to eye.
Now that Bob Iger is back as CEO of the Walt Disney Company — he has a long road ahead of him to “set the strategic direction” as he was tasked with.
©Alberto E. Rodriguez / Getty Images
That strategic redirection includes a massive overhaul of the company’s structure, which many expected, but what that new structure would look like remained unclear — until recently. Disney held its first company earnings call since Iger’s return, and he declared out with the old and in with the new — effective immediately.
The Walt Disney Company just held the first earnings call since Bob Iger’s return.
Cinderella Castle
We learned a ton of details about Disney+ streaming and subscriber numbers, park operations and profits, and layoffs that are coming for the company. We also learned one very important piece of information: what Bob Iger’s number one priority is now that he’s back at the helm.
Streaming has become a big part of Disney’s business but also a big point of contention when it comes to Disney’s finances.
©Disney
Back in November of 2022, we got an updated look at the Disney+ subscriber numbers but we also learned that Disney’s streaming business as a whole had a loss of nearly $1.5 BILLION. This tremendous loss, among other things, ultimately contributed to the ouster of Bob Chapek as CEO. Since that November report, Bob Iger has returned as CEO and Disney has officially launched its ad-supported Disney+ tier. So what is going on with Disney’s streaming business now? We found out.
Disney is no stranger to lawsuits, and it has been caught in the middle of quite a few lately.
©Disney | Walt Disney Company Headquarters
Disney was sued by an investor to obtain documents related to the Company’s handling of the situation with Florida’s Parental Rights in Education bill. Plus a Park Pass lawsuit has been filed by Annual Passholders against Disney, Disney was sued over the Genie+ system, and a million-dollar lawsuit was filed against Disney by Magic Key holders too. Now it seems Disney is involved in another lawsuit — this time related to streaming.
Disney CEO Bob Iger re-took the position from Bob Chapek in November, much to the delight of many fans and investors. But that doesn’t mean Iger does the job perfectly or that his decisions go without scrutiny.
Bob Iger ©New York Post
Although Disney stock initially soared when Iger returned to the company, it’s now facing an almost 50-year low after the less-than-stellar box office performance of Avatar: The Way of Water. But one Disney executive pointed out that Iger has made questionable decisions and faced major mistakes in the past — and somehow the CEO emerges better than ever each time. [Read more…]
A lot has happened since Bob Iger took over as CEO of The Walt Disney Company once again.
©Reuters
But, it’s the future most people are concerned about. Iger was hired to restructure the company, and we’re still in the dark about what exactly that means. Disney stock performance has dropped to a nearly 50-year low, several executives have left the company, and Iger may start making moves sooner than we think — reversing a huge decision made by former CEO Bob Chapek.
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