Bob Iger, the CEO of Disney, spoke at a town hall for employees on Tuesday in New York.
Disney executives Josh D’Amaro, Jimmy Pitaro, Dana Walden, and Alan Bergman joined Iger on stage.
Iger stated that creating a full-fledged ESPN streaming service, growing theme parks, and enhancing the studio business were his top three construction goals for 2024.
During an internal town hall on Tuesday, Disney CEO Bob Iger expressed his excitement for “building again” after 2023, saying he would like to focus on fixing areas of the company that “needed attention.”
Speaking to ABC News anchor David Muir at New York’s Amsterdam Theater, Iger said, “I feel that we’ve just emerged from a period of a lot of fixing to one of building again, and I can tell you building is a lot more fun than fixing.” Following a fifteen-minute speech by Iger alone, Disney CEO of parks and resorts Josh D’Amaro, ESPN CEO Jimmy Pitaro, and co-chairs of Disney Entertainment Dana Walden and Alan Bergman joined him.
Disney has set 7,000 job cuts and a company-wide spending reduction goal for 2023. Disney announced this month that it expects to save $7.5 billion this year, mostly through cutting back on content spending and eliminating jobs.
Iger mentioned that he started an era of building at the company early in his time as Disney’s CEO, starting in 2005, by acquiring Pixar and Marvel. Iger won’t depend on acquisitions this time. Rather, he intends to rebuild Disney’s movie studio business, which Iger claimed has suffered from producing too many films, expand Disney’s theme parks with a $60 billion commitment over the next ten years, and construct an ESPN direct-to-consumer platform by 2025.
In an effort to attract a younger audience, Iger and Pitaro stated that they plan to introduce an ESPN streaming service with extra features like sophisticated statistics and fantasy sports integration. Pitaro mentioned that he is researching the cost of building the platform and the best time to launch.
Pitaro stated, “Bob and I have discussed the idea of doing more than just turning on the light.” “Without major product enhancements, we don’t want to just move our networks over and make them available over the top.”
Restructuring the studio industry While acknowledging that the caliber of Disney films has declined, Investor and studio head Bergman underlined the value of films to the company as a whole.
“Movies are the most powerful medium for forming a company’s perception,” Iger claimed. “That’s how investors, the audience, and obviously customers perceive it, as well as how our own employees perceive it.”
Disney employees can get “giddy” over a run of successful films, according to Iger. This is due to the company’s elevated brand within the culture as well as the synergies that flow throughout the business. A successful film like “Frozen” can launch consumer goods, drive revenue for Disney’s streaming serviceDisney+, and create the basis for theme park attractions.
Disney’s stock has increased 6.8% so far this year, less than the roughly 18% increase in the S&P 500. Iger is upbeat about Disney’s prospects for construction in 2024. Investors might not be pleased if the company doesn’t make more significant adjustments, like selling off its failing linear businesses or finding ESPN strategic partners.
Iger said he’s still thinking about those possibilities but hasn’t decided on a course of action.
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