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Disney CEO makes profitable streaming services a priority

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Disney CEO makes profitable streaming services a priority

Walt Disney Co’s CEO Bob Iger said one of his top priorities is to make the company’s streaming business profitable.

Iger is responsible for Disney’s complete embrace of streaming, and the launch of its premier service, Disney+, but he recognized the measurement of success has changed. Wall Street Investors now focus on profitability, not just subscriber gains.

To a town-hall meeting on the company’s Burbank, California, lot, Iger said instead of chasing (subscribers) with aggressive marketing and spending on content, the firm needs to chase profitability.

Disney joins several media companies seeking to grow its streaming services without sacrificing its film or television businesses.

The board announced it had installed Iger as CEO on November 20, 2022, after removing his handpicked successor, Bob Chapek, who had lost the support of senior staff.

From a sound stage on Disney’s lot, Bob Iger said he returned to the firm he led for 15 years with a sense of urgency.

Iger’s predecessor, Chapek, had a rocky tenure at Disney’s helm, even as he was credited with navigating the firm through the pandemic’s turbulence.

Iger said he intended to keep a hiring freeze, which Chapek instituted, in place, while he evaluates Disney’s cost structure. He offered no timeline for the restructuring of the firm’s television and film distribution group, Disney Media and Entertainment Distribution.

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