In the course of the 2024 Walt Disney Firm Annual Assembly of Shareholders on April 3, CEO Bob Iger shared an optimistic message for the corporate’s future after beating again a proxy combat. This shares his replace on and imaginative and prescient for the studios & streaming–plus Parks & Resorts, together with excerpts from Chairman Josh D’Amaro’s follow-up to followers. (This one is commentary-free, so for those who watched the assembly, that is 100% skippable.)
“I simply need to take a second to thank our shareholders in your belief and confidence within the Disney Board and administration and the formidable technique we’re implementing throughout our companies to construct for the longer term,” Iger instructed shareholders. “Now that this distracting proxy contest is behind us, we’re desirous to focus 100% of our consideration on our most essential priorities: development and worth creation for our shareholders and inventive excellence for our shoppers.”
With the boardroom battle within the rearview mirror, Iger instructed shareholders concerning the ongoing constructive impression of Disney’s strategic transformation and the corporate’s ahead momentum constructing its companies for development. “Our plans are formidable, our technique is working, and our future is vivid,” Iger mentioned in a video message from Disneyland.
“As we collect at this time, we stand on a much more stable basis, which has been fortified by our formidable plan of action over the previous yr. We’re as soon as once more constructing our companies for development. And as we demonstrated throughout our most up-to-date earnings report, we’ve turned the nook and entered a brand new, constructive period for The Walt Disney Firm,” mentioned Iger. Including that Disney is executing at a speedy tempo, and “from a place of renewed energy with great optimism.”
Iger highlighted the 4 key constructing priorities anchoring the corporate’s development technique:
- Reinvigorating creativity at Disney’s movie studios;
- Attaining sustained profitability in streaming;
- Positioning ESPN for the longer term and turning it into the preeminent digital sports activities platform;
- Turbocharging development within the firm’s Experiences enterprise, together with home and worldwide Parks and the Disney Cruise Line.
Studios: An Extremely Sturdy Slate
In the meantime, as a part of the corporate’s ongoing effort to ship artistic excellence from its movie and tv studios, Iger pointed to the awards season success tales of Disney. He additionally reminded shareholders concerning the firm’s “extremely strong slate of upcoming theatrical releases,” which incorporates Kingdom of the Planet of the Apes in Could, Deadpool & Wolverine in July, Alien: Romulus in August, and Mufasa: The Lion King in December.
There’s additionally Inside Out 2, the sequel to the 2015 Oscar winner for Finest Animated Function, which hits theaters in June. This was additionally accompanied by a sneak peek on the movie, which appears incredible. (After all, I additionally thought the trailer for Want appeared nice, and but…) Right here’s hoping it’s a narrative that must be instructed and never simply one other cash-grab sequel.
Iger additionally gave an unique take a look at art work from Moana 2, which debuts in theaters in November. “Three years since her first voyage, Moana is heading out on an epic journey to seek out and reconnect the folks of the ocean. We are able to’t wait to take audiences on one other wonderful journey with Moana and Maui, and we’re excited to substantiate that each Auli‘i Cravalho and Dwayne Johnson are again reprising their roles,” introduced Iger.
“Moana stays an extremely common franchise,” Iger added. “The unique movie from 2016 lately crossed 1 billion hours streamed on Disney+ and was probably the most streamed film of 2023 on any platform within the U.S.” (Translation for Walt Disney World and Disneyland followers: stay up for extra Moana coming to the parks within the coming decade.)
Streaming: A Clear Differentiator
In shifting to streaming, Iger mentioned the official launch of Hulu on Disney+ final week. “With our expansive assortment of putting up with classics and new hits accessible collectively in a single place, Disney+ really has one thing for everybody,” he mentioned. Iger identified that the corporate’s streaming technique extends into the world of sports activities and that ESPN “continues to ship meaningfully for the corporate.”
“We consider within the energy of sports activities and their distinctive capability to convene and have interaction audiences,” Iger mentioned. “And we’re laborious at work constructing ESPN into the preeminent digital sports activities vacation spot to achieve much more followers in progressive new methods.”
A method that the corporate will attain extra sports activities followers, Iger said, is thru the three way partnership introduced earlier this yr along with Fox and Warner Brothers Discovery to create a brand new streaming service that brings collectively the businesses’ collective portfolios of sports activities channels.
Moreover, Iger talked concerning the firm’s plans to supply ESPN as a singular direct-to-consumer service, which is able to launch in fall of 2025. “We’ll make the total suite of ESPN’s channels accessible as a stand-alone and extremely interactive digital vacation spot,” he mentioned. “This may give shoppers the flexibility to stream their favourite reside video games and studio programming, and benefit from an immersive, customizable sports activities expertise that features betting, fantasy sports activities, e-commerce, and extra.”
Disney’s present and future direct-to-consumer choices are “a transparent differentiator for the corporate in a really aggressive panorama” in accordance with Iger. Most significantly for theme park followers, Iger reiterated that Disney stays “poised to achieve profitability in our mixed streaming enterprise by the tip of this fiscal yr, and ship important, sustained development sooner or later.”
Disney Experiences: Turbocharging Progress
Iger additionally identified that one other clear differentiator for the corporate is Disney’s Experiences (Parks & Resorts) enterprise. “We’re always looking for artistic new methods to show our IP into top of the range experiences,” he mentioned. That features the corporate’s lately introduced relationship with Epic Video games, which is able to enable Disney to forge relationships with youthful audiences that eat video video games greater than different media.
Turning to Disney’s Parks and Resorts, Iger added that the division delivers experiences like no different for visitors around the globe, whereas producing “huge development for the corporate.”
Latest expansions and additions have been extremely common with visitors, together with World of Frozen at Hong Kong Disneyland, which opened in November, and Zootopia at Shanghai Disney Resort, which opened in December. Fantasy Springs will open at Tokyo DisneySea in June 2024 with its model of a Frozen mini-area, and one other World of Frozen debuts on the Walt Disney Studios Park at Disneyland Paris in 2025 (most likely/hopefully).
“With such a deep effectively of untapped IP and buildable land, there are such a lot of experiences which have but to be dropped at our Parks around the globe, and we plan to turbocharge development on this sector with a strong quantity of strategic funding,” Iger mentioned.
In the meantime, the corporate’s development technique additionally consists of important alternatives for enlargement at its home theme parks as effectively, together with at Disneyland. Iger mentioned that the corporate was happy to have reached an “thrilling milestone” as the corporate’s formidable DisneylandForward initiative goes earlier than the Anaheim Metropolis Council for last approval later this month.
“We’re thrilled about many potential new tales that our visitors might expertise at Walt’s unique theme park, together with the chance to embark on all-new Avatar adventures with a go to to the world of Pandora,” Iger mentioned. “Our Imagineers have been laborious at work dreaming up what visitors may count on.”
In his personal parks-centric letter, Josh D’Amaro added that “Avatar is the newest instance of how we wish to create new and progressive methods to carry our highly effective tales to life.” He additionally known as the above a “a chunk of inspirational art work developed for a possible new Avatar expertise on the Disneyland Resort.”
Plenty of wiggle phrases and crouching in these statements that recommend what we see within the not-so-conceptual artwork will not be what we get from the Avatar addition at Disneyland. Is it an expertise? Is it a land? Possibly it’s an Avatar-skinned clone of Disney Springs!
Josh D’Amaro additionally added that Disney is protecting its momentum stepping into 2024. Tiana’s Bayou Journey opens this yr at Magic Kingdom and Disneyland (a gap date for which was a conspicuous omission from the shareholders assembly). He added that Disney is about to unveil Fantasy Springs at Tokyo DisneySea, calling it “the most important single-land enlargement ever at a Disney park.”
D’Amaro continued by highlighting that the “enlargement is as lively on sea as it’s on land.” Disney Cruise Line will add to its repute because the best choice for households within the Bahamas with Disney Lookout Cay at Lighthouse Level debuting this summer season. Then in December, the Disney Treasure will be a part of the fleet.
“And all of that is only the start – there are such a lot of tales in our library but to be explored. As we turbocharge Disney Experiences over the subsequent 10 years, we’re investing aggressively and thoughtfully to present you extra of what you like,” D’Amaro wrapped issues up by including. “There has by no means been a extra thrilling time at Disney Experiences. I’m trying ahead to having you on this journey with us.”
Being A Accountable Citizen of the World
After talking about Disneyland, Iger introduced up Walt Disney, who “understood the ability storytelling has to attach us all to at least one one other.” Iger added that the corporate “has at all times been a power for good on this planet” and is “devoted to conducting our companies with readability of function and a deep sense of integrity, as we try to have a constructive impression within the communities through which we function.”
Iger then talked about the corporate’s “efforts to carry pleasure and luxury” to kids’s hospitals around the globe; Disney’s Heroes Work Right here initiative, which has resulted within the hiring of greater than 13,000 veterans since 2012; and Disney Aspire, which covers tuition for eligible hourly and part-time Disney staff trying to pursue greater training.
There’s additionally the corporate’s relationship with Make-A-Want. Disney is the #1 wish-granter on this planet, granting greater than 150,000 needs to kids dealing with important sickness. “All of this ongoing work is a part of our overarching dedication to being a accountable citizen of the world,” Iger famous.
Iger wrapped up his remarks by thanking the corporate’s staff and Forged Members around the globe, saying that “it’s a true privilege to guide this exceptional firm at this pivotal second.”
“I’ve typically mentioned that one of many best attributes of Disney is the mere reality that individuals count on a lot from us. ‘What is going to they consider subsequent,’ you may hear somebody say, or ‘Solely Disney can try this.’” Iger continued, “we welcome that problem, as a result of it motivates us and energizes us to at all times be daring in every thing that we do, and to exceed your highest expectations.”
After this got here the questions & solutions portion of the assembly, which was odd as ever, however with the even weirder wrinkle of all being pre-recorded questions learn by AI. I assume these questions got here from actual shareholders since they had been much more antagonistic and adversarial to Disney than regular, but it surely was nonetheless very dystopian and off-putting. I actually hope Disney doesn’t try this once more–the Q&A goes to be a trainwreck, everybody is aware of that. Utilizing AI and having the questions be pre-screened simply casts pointless aspersions and doubts, even when there’s nothing nefarious at play.
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YOUR THOUGHTS
What did you consider Bob Iger and the present board’s plan for the way forward for Disney? Agree or disagree with the 4 key constructing priorities anchoring the corporate’s development technique? Ideas on the rest mentioned throughout Disney’s shareholder assembly? This isn’t the place for politics or tradition wars; unnecessarily divisive or provocative feedback alongside these traces might be deleted.
