Disney CEO Bob Iger is focusing on making Disney+ more profitable.
In a town hall meeting on Monday in Burbank, California, Iger reportedly shared his plans to boost the streaming platform’s bottom line.
“Instead of chasing (subscribers) with aggressive marketing and aggressive spend on content, we have to start chasing profitability,” Iger said, according to Reuters.
Iger also shared that he will uphold the hiring freeze that former CEO Bob Chapek instituted while he assesses Disney’s cost structure. The CEO also shut down speculation that Disney would seek to merge with Apple.
Iger was reinstated as CEO on Nov. 20, replacing Chapek. The former CEO’s departure came in the wake of a disappointing earnings announcement, where the company’s direct-to-consumer segment lost $1.5 billion. Chapek had a rocky tenure, which included a public dispute with Black Widow star Scarlett Johansson over the decision to release the movie both in theaters and online.
In the company’s final quarter report of 2022, Disney+ reported a total of 164.2 million subscribers, up from 152.1 million in the third quarter. To help reduce its profit loss, Disney+ will launch a ad-supported tier subscription on Dec. 8 for $7.99 and $10.99 for ad-free.
Monica has a BA in Journalism and English from the University of Massachusetts and an MS in Journalism and Communications from Quinnipiac University. Monica has worked as a journalist for over 20 years covering all things entertainment. She has covered everything from San Diego Comic-Con, The SAG Awards, Academy Awards, and more. Monica has been published in Variety, Swagger Magazine, Emmy Magazine, CNN, AP, Hidden Remote, and more. For the past 10 years, she has added PR and marketing to her list of talents as the president of Prime Entertainment Publicity, LLC. Monica is ready for anything and is proudly obsessed with pop culture.
