As Streaming Numbers Decline, Disney Claims Toy Story And Frozen Sequels Are Coming

Disney Claims Toy Story And Frozen Sequels Are Coming- Disney CEO Bob Iger has confirmed Toy Story, Frozen, and Zootopia sequels as he outlined strategies to revive the company’s streaming business. Mr. Iger claimed that sequels are “in the works” at Disney’s animation division.

The company also disclosed its first decline in subscriber counts since the debut of its Disney+ streaming service in 2019.

And Mr. Iger declared that he would radically restructure the entertainment industry giant, eliminating 7,000 positions.
Mr. Iger discussed his aspirations to monetize some of the company’s most significant properties during a teleconference with investors.

I’m extremely happy to report that our animation studios are working on sequels for some of our most well-known brands, including Toy Story, Frozen, and Zootopia.

As Streaming Numbers Decline, Disney Claims Toy Story And Frozen Sequels Are Coming
As Streaming Numbers Decline, Disney Claims Toy Story And Frozen Sequels Are Coming

We’ll have more information on this production in the near future, but this is an excellent illustration of how we’re leveraging our unmatched brands and franchises.

The announced job losses, representing around 3.6% of Disney’s global staff, are part of a strategy to save $5.5 billion (£4.5 billion) and turn Disney+ into a lucrative streaming service. In his own words, Mr. Iger “did not make this decision lightly.”

The modifications coincided with its most recent quarterly results, his first since he rejoined Disney in November.

We will be “better positioned to weather future disruption and global economic challenges,” according to Mr. Iger, as a result of the adjustments.
Disney claimed that sales increased by 8% to $23.5 billion between October and December of last year. Profit increased by 11% to $1.3 billion.

Disney+, on the other hand, Disney+ revealed a $1.5 billion loss and saw a decline in subscribers from almost 2.4 million to 161.8 million.

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According to the strategy, the business will be divided into three segments: Disney parks, experiences, and products; sports-focused ESPN; and entertainment, which includes movies, television, and streaming services.

On a conference call with analysts, Mr. Iger stated, “This reorganisation will result in a more efficient, coordinated approach to our operations.”

He also said that the company’s streaming business remained its top objective.

Following the announcement, Disney’s stock price increased by more than 5% in after-hours trade.

“Disney has been in quite a bit of problem over the last year or so and in particular with trying to make its streaming business successful,” said Freddy Colquhoun, investment director at JM Finn, to the BBC.

But he claimed that the outcomes exceeded his expectations and “were pretty reassuring.”

Nelson Peltz, a billionaire activist investor, recently criticised Disney for overspending its streaming business. Disney’s modifications respond to some of his points.

Trian Group, owned by Mr. Peltz, responded to the news by saying, “We are glad that Disney is listening.”

Less than a year after he abruptly left the company, Mr. Iger returned as Disney’s CEO.

He was rehired to guide the business through trying times as its stock price crashed and Disney+ kept turning a loss.

Bob Chapek, who took over as CEO in February 2020, was succeeded by Mr. Iger, who oversaw Disney for 15 years prior.

After Disney’s streaming division reported a $1.5 billion quarterly deficit, Mr. Chapek was fired.

Less than 24 hours after his return to Disney, Mr Iger said he was preparing for a significant company restructuring.

He claimed to have given a team of executives the goal of creating “a new structure that puts more decision-making back in the hands of our creative teams and rationalises costs” at the time.

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