Disney CEO Bob Iger tells Cast Members that theme parks 'is a business where you spend to succeed'

Nov 28, 2023 in "The Walt Disney Company"

Posted: Tuesday November 28, 2023 3:00pm ET by WDWMAGIC Staff

Disney CEO Bob Iger hosted a Town Hall session with Cast Members today, discussing the company's recent achievements and future building opportunities.

 

Despite not taking questions or making any new announcements, Iger continued reiterating recent messaging that Disney plans to invest heavily in the company's theme park segment.

Referring to the recently announced $60 billion investment in parks and resorts across the next ten years, Iger told Cast Members watching the virtual event that "this is a business where you spend to succeed." Iger has previously said that the investment would allow for expanding and enhancing domestic and international parks and cruise line capacity.

Speaking in April 2023 at the Walt Disney Company Annual shareholder meeting, Disney CEO Bob Iger said that Disney plans to spend $17 billion over the next ten years, specifically at Walt Disney World, bringing 13,000 new jobs to the area.

Interim CFO Kevin Lansberry told investors earlier this month to "expect those investments to ramp up towards the back half of that 10-year period with more gradual increases in the first few years."

Iger was joined at today's Town Hall by the four Disney segment Chairmen - Alan Bergman, Josh D'Amaro, Jimmy Pitaro, and Dana Walden.

Today's Town Hall session comes almost a year after Iger returned to the top job at Disney. When asked about the challenges facing him on his return, Iger said, "I knew that there were a myriad of challenges that I would face coming back. I won't say that it was easy, but I've never second-guessed the decision to come back, and being back still feels great."

In a previous memo to employees inviting them to the session, Iger said, "As I reflect on the immense progress we've made this year and look ahead to the many opportunities before us, I'm grateful to all of you - the people of this great company - for the tremendous work you do each and every day to ensure we continue delivering incredible entertainment for our audiences, guests, and fans all over the world."

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MisterPenguin2 hours ago

It's already happening. We're at the point where just about more people are getting their home content from streaming than linear TV. This has been a 4 year trend so far. Cheaper than Netflix and more people are paying for Netflix If you mean subbing to multiple streamers to make up for not being part of cable's bundle, it will indeed be about the same cost (not more). Additionally, outside of live events, you get to stream the content you want when you want it. One is no longer a slave to the TV Guide. Disney's three streamers together is almost as much as Netflix's number of subs.

_caleb3 hours ago

This wouldn’t be the winning strategy you’re making it out to be, because the platforms aren’t content JUST to be middlemen, selling other people’s product for a percentage of the sales. Examples: Amazon watches what’s selling well (and the data pointing to what’s about to sell well) and undercuts it with knockoffs (see Amazon’s brands, like Amazon Essentials, Amazon Basics, Goodthreads, etc.). Netflix’s algorithm lets them know what people are searching for, and they use that to inform their creation (or purchase of) cheap/bad knockoffs of many Disney/Pixar classics. There’s no incentive to keep Disney films isolated. “You watched Pixar’s Cars, up next: A Car's Life: Sparky's Big Adventure.” Target has extremely successful in-house brands that basically use all the products on the Target shelves as free market testing. They rip off whatever is selling well (or just buy the companies that make successful products). 7-Eleven has developed its own in-house brand, 7 Select that’s brought in billions by competing with its bestselling products by selling copycats at a slight discount. Dick’s Sporting Goods launched its in-house brand, DSG that just copies popular lines from UnderArmour, Nike, Addidas, Columbia, the North Face, etc. Why, you might ask, don’t those brands just pull out these controlling retail outlets? Because that’s where their customers are. They can’t afford not to sell through these platforms! Disney/Marvel content on Netflix was heading down this same road when they decided being a major player in streaming was their best chance for survival.

Sirwalterraleigh4 hours ago

Gotcha I thought you may have been born in 77…so I was curious

PSUDisney774 hours ago

Penn State grad and Disney fan. 7 has always been my lucky number on the occasion I play lottery.

Sirwalterraleigh4 hours ago

Yes…it tingled my spider sense 🕷️🕸️

TrainsOfDisney5 hours ago

the best business move would have been for Disney to keep out of streaming and have the streaming companies fighting to partner with Disney. How much would Netflix, Amazon, or Apple Pay to have a rotating Disney vault?

PSUDisney775 hours ago

Are you asking about my member name?

Indy_UK5 hours ago

It’s going to be difficult moving away from Linear TV. Hulu + LiveTV with Disney+ and ESPn+ is pretty expensive in itself and there isn’t a huge amount of people signed up to that so they’re going to have to think of something

_caleb5 hours ago

So you do see why Disney threw everything they could into making D+ work. Maybe streaming will end up costing consumers the same as cable. But it will make more money for the streaming companies than linear, that’s why they’re pursuing it.

Jrb19795 hours ago

I don't think either is going to be viable business for any company. We already seeing companies merge forming one streaming service. IMO it's just the beginning. In a few years there will only be 4-5 streaming services. You will Amazon, Netflix, Apple and whatever happens with the rest of them. Making profit is one thing but I can't see any of them being ok that. They want to replace the profit from linear tv and the only way to do that is raise prices. It's eventually going to cost the same as cable.

_caleb6 hours ago

Do those of you who insist streaming is not going to be a viable business for Disney also think linear tv and box office is going to be a viable business for Disney? And why do you think you can understand this better than Studio Executives?

Sirwalterraleigh6 hours ago

Was on Netflix for a long time And since it’s made by paramount…I don’t particularly care which of the 7 apps you have to click

J45466 hours ago

Id love to be able to watch star trek on something other than paramount

Sirwalterraleigh7 hours ago

PSUDisney77?