In a year that's been turbulent – and at times disastrous – for the entire entertainment industry, Disney CEO Bob Iger says his company is finally starting to move beyond its "period of fixing."
As part of Disney's Q4 FY2023 earnings, Iger addressed how Disney is poised to move forward from its less-than-ideal 2023.
“Our results this quarter reflect the significant progress we’ve made over the past year,” Iger said. “While we still have work to do, these efforts have allowed us to move beyond this period of fixing and begin building our businesses again. We have a solid foundation of creative excellence and innovation built over the past century, which has only been reinforced by the important restructuring and cost efficiency work we’ve done this year, and we’re on track to achieve roughly $7.5 billion in cost reductions.
"Combined with our portfolio of valuable businesses, brands and assets – and the way we manage them together – Disney has a strong hand that differentiates us from others in our industry."
Disney+ has passed 150 million subscribers, up over 4 million subscribers from the start of the quarter on July 1. Disney+ Hotstar — which is India's version of the service — lost nearly 3 million subscribers, meaning Disney+ across the rest of the world gained around 7 million users.
Reading between the lines, Disney's "period of fixing" has meant laying off thousands of employees this calendar year. Disney layed off 7,000 employees beginning in March 2023 as part of a "strategic realignment". At the time, the company was making an effort to cut back over $5 billion in costs.
Disney has seen a handful of financial struggles since Iger's return to the CEO chair. Disney+ saw its first quarterly subscriber loss earlier this year, caused by a loss of 3.8 million subscribers for Disney+ Hotstar. Iger also suggested that Marvel is making too many TV shows and movies, causing "diluted focus and attention" from fans. On the theatrical side, Iger has also admitted that the performance of movies like Indiana Jones and the Dial of Destiny and Haunted Mansion were "disappointing". Iger also called the striking writers and actors' expectations "very disturbing" amidst the work stoppages during the summer.
During Disney's struggles, reports have detailed ideas within Disney to transform into a "gaming giant" through the acquisition of a major publisher like Electronic Arts.
For more, check out the recent price hikes across plans on Disney+.
Logan Plant is IGN's Database Manager. Find him on Twitter @LoganJPlant.
