A year after resuming leadership at Disney, Bob Iger revealed on Wednesday that his primary focus is revitalizing the company’s film studio following a series of box office disappointments, including “The Marvels” and “Wish.”
Iger acknowledged various factors contributing to Disney’s recent theatrical setbacks, attributing part of the decline to conditioning audiences during Covid lockdowns to expect film releases on streaming platforms. Speaking at The New York Times’ DealBook Summit with Andrew Ross Sorkin, he emphasized the improved home viewing experience and affordability of streaming services, such as Disney+, available at $7 per month.
The quality of Disney’s output became a concern after the launch of its streaming service in late 2019. Iger acknowledged that in the effort to meet the demands of Disney+, the company unintentionally diluted the quality, particularly in its Marvel Cinematic Universe features. The challenges of pandemic-related restrictions made it difficult for executives to maintain supervision over the increased number of film and television productions.
Iger, who returned as CEO a year ago, expressed the need for Disney to reassess its expectations, recognizing the company’s dominance in the film industry for a decade before Covid. He defended Disney’s theatrical output, noting the unprecedented standards set by the company, where a film not reaching a billion dollars in global box office was considered a disappointment.
The former CEO acknowledged the need for Disney to be more selective about creating sequels, emphasizing the importance of a compelling story and a reason beyond commerce to justify a follow-up film. Iger emphasized that Disney has, in recent years, produced too many sequels, and while the company will continue to create them, each will be greenlit only if the creators believe the story is worth telling.
Looking ahead, Disney plans to release “Deadpool 3,” “Inside Out 2,” and “Mufasa: The Lion King” in the coming year. The challenges faced by Disney in the evolving landscape of streaming and theatrical releases highlight the need for strategic decision-making and a focus on quality storytelling in the entertainment industry.