Disney CEO Bob Iger & Parks Chair Josh D’Amaro Share Turbocharged Growth Optimism
During the 2024 Walt Disney Company Annual Meeting of Shareholders on April 3, CEO Bob Iger shared an optimistic message for the company’s future after beating back a proxy fight. This shares his update on and vision for the studios & streaming–plus Parks & Resorts, including excerpts from Chairman Josh D’Amaro’s follow-up to fans. (This one is commentary-free, so if you watched the meeting, this is 100% skippable.)
“I just want to take a moment to thank our shareholders for your trust and confidence in the Disney Board and management and the ambitious strategy we are implementing across our businesses to build for the future,” Iger told shareholders. “Now that this distracting proxy contest is behind us, we’re eager to focus 100% of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers.”
With the boardroom battle in the rearview mirror, Iger told shareholders about the ongoing positive impact of Disney’s strategic transformation and the company’s forward momentum building its businesses for growth. “Our plans are ambitious, our strategy is working, and our future is bright,” Iger said in a video message from Disneyland.
“As we gather today, we stand on a far more solid foundation, which has been fortified by our ambitious course of action over the past year. We are once again building our businesses for growth. And as we demonstrated during our most recent earnings report, we have turned the corner and entered a new, positive era for The Walt Disney Company,” said Iger. Adding that Disney is executing at a rapid pace, and “from a position of renewed strength with tremendous optimism.”
Iger highlighted the four key building priorities anchoring the company’s growth strategy:
- Reinvigorating creativity at Disney’s film studios;
- Achieving sustained profitability in streaming;
- Positioning ESPN for the future and turning it into the preeminent digital sports platform;
- Turbocharging growth in the company’s Experiences business, including domestic and international Parks and the Disney Cruise Line.
Studios: An Incredibly Robust Slate
Meanwhile, as part of the company’s ongoing effort to deliver creative excellence from its film and television studios, Iger pointed to the awards season success stories of Disney. He also reminded shareholders about the company’s “incredibly robust slate of upcoming theatrical releases,” which includes Kingdom of the Planet of the Apes in May, Deadpool & Wolverine in July, Alien: Romulus in August, and Mufasa: The Lion King in December.
There’s also Inside Out 2, the sequel to the 2015 Oscar winner for Best Animated Feature, which hits theaters in June. This was also accompanied by a sneak peek at the film, which looks fantastic. (Of course, I also thought the trailer for Wish looked great, and yet…) Here’s hoping it’s a story that needs to be told and not just another cash-grab sequel.
Iger also gave an exclusive look at artwork from Moana 2, which debuts in theaters in November. “Three years since her first voyage, Moana is heading out on an epic journey to find and reconnect the people of the ocean. We can’t wait to take audiences on another amazing journey with Moana and Maui, and we are excited to confirm that both Auli‘i Cravalho and Dwayne Johnson are back reprising their roles,” announced Iger.
“Moana remains an incredibly popular franchise,” Iger added. “The original film from 2016 recently crossed 1 billion hours streamed on Disney+ and was the most streamed movie of 2023 on any platform in the U.S.” (Translation for Walt Disney World and Disneyland fans: look forward to more Moana coming to the parks in the coming decade.)
Streaming: A Clear Differentiator
In shifting to streaming, Iger discussed the official launch of Hulu on Disney+ last week. “With our expansive collection of enduring classics and new hits available together in one place, Disney+ truly has something for everyone,” he said. Iger pointed out that the company’s streaming strategy extends into the world of sports and that ESPN “continues to deliver meaningfully for the company.”
“We believe in the power of sports and their unique ability to convene and engage audiences,” Iger said. “And we are hard at work building ESPN into the preeminent digital sports destination to reach even more fans in innovative new ways.”
One way that the company will reach more sports fans, Iger stated, is through the joint venture announced earlier this year in conjunction with Fox and Warner Brothers Discovery to create a new streaming service that brings together the companies’ collective portfolios of sports channels.
Additionally, Iger talked about the company’s plans to offer ESPN as a unique direct-to-consumer service, which will launch in fall of 2025. “We will make the full suite of ESPN’s channels available as a stand-alone and highly interactive digital destination,” he said. “This will give consumers the ability to stream their favorite live games and studio programming, and take advantage of an immersive, customizable sports experience that includes betting, fantasy sports, e-commerce, and more.”
Disney’s current and future direct-to-consumer offerings are “a clear differentiator for the company in a very competitive landscape” according to Iger. Most importantly for theme park fans, Iger reiterated that Disney remains “poised to reach profitability in our combined streaming business by the end of this fiscal year, and deliver significant, sustained growth in the future.”
Disney Experiences: Turbocharging Growth
Iger also pointed out that another clear differentiator for the company is Disney’s Experiences (Parks & Resorts) business. “We’re constantly seeking creative new ways to turn our IP into top quality experiences,” he said. That includes the company’s recently announced relationship with Epic Games, which will allow Disney to forge relationships with younger audiences that consume video games more than other media.
Turning to Disney’s Parks and Resorts, Iger added that the division delivers experiences like no other for guests around the world, while generating “enormous growth for the company.”
Recent expansions and additions have been incredibly popular with guests, including 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 version of a Frozen mini-area, and another World of Frozen debuts at the Walt Disney Studios Park at Disneyland Paris in 2025 (probably/hopefully).
“With such a deep well of untapped IP and buildable land, there are so many experiences that have yet to be brought to our Parks around the world, and we plan to turbocharge growth in this sector with a robust amount of strategic investment,” Iger said.
Meanwhile, the company’s growth strategy also includes significant opportunities for expansion at its domestic theme parks as well, including at Disneyland. Iger said that the company was pleased to have reached an “exciting milestone” as the company’s ambitious DisneylandForward initiative goes before the Anaheim City Council for final approval later this month.
“We’re thrilled about many potential new stories that our guests could experience at Walt’s original theme park, including the opportunity to embark on all-new Avatar adventures with a visit to the world of Pandora,” Iger said. “Our Imagineers have been hard at work dreaming up what guests might expect.”
In his own parks-centric letter, Josh D’Amaro added that “Avatar is the latest example of how we are looking to create new and innovative ways to bring our powerful stories to life.” He also called the above a “a piece of inspirational artwork developed for a potential new Avatar experience at the Disneyland Resort.”
Lots of wiggle words and crouching in those statements that suggest what we see in the not-so-conceptual art may not be what we get from the Avatar addition at Disneyland. Is it an experience? Is it a land? Maybe it’s an Avatar-skinned clone of Disney Springs!
Josh D’Amaro also added that Disney is keeping its momentum going in 2024. Tiana’s Bayou Adventure opens this year at Magic Kingdom and Disneyland (an opening date for which was a conspicuous omission from the shareholders meeting). He added that Disney is about to unveil Fantasy Springs at Tokyo DisneySea, calling it “the largest single-land expansion ever at a Disney park.”
D’Amaro continued by highlighting that the “expansion is as active on sea as it is on land.” Disney Cruise Line will add to its reputation as the top choice for families in the Bahamas with Disney Lookout Cay at Lighthouse Point debuting this summer. Then in December, the Disney Treasure will join the fleet.
“And all of this is just the beginning – there are so many stories in our library yet to be explored. As we turbocharge Disney Experiences over the next 10 years, we’re investing aggressively and thoughtfully to give you more of what you love,” D’Amaro wrapped things up by adding. “There has never been a more exciting time at Disney Experiences. I’m looking forward to having you on this journey with us.”
Being A Responsible Citizen of the World
After speaking about Disneyland, Iger brought up Walt Disney, who “understood the power storytelling has to connect us all to one another.” Iger added that the company “has always been a force for good in the world” and is “dedicated to conducting our businesses with clarity of purpose and a deep sense of integrity, as we strive to have a positive impact in the communities in which we operate.”
Iger then mentioned the company’s “efforts to bring joy and comfort” to children’s hospitals around the world; Disney’s Heroes Work Here initiative, which has resulted in the hiring of more than 13,000 veterans since 2012; and Disney Aspire, which covers tuition for eligible hourly and part-time Disney employees looking to pursue higher education.
There’s also the company’s relationship with Make-A-Wish. Disney is the #1 wish-granter in the world, granting more than 150,000 wishes to children facing critical illness. “All of this ongoing work is part of our overarching commitment to being a responsible citizen of the world,” Iger noted.
Iger wrapped up his remarks by thanking the company’s employees and Cast Members around the world, saying that “it is a true privilege to lead this remarkable company at this pivotal moment.”
“I’ve often said that one of the greatest attributes of Disney is the mere fact that people expect so much from us. ‘What will they think of next,’ you might hear someone say, or ‘Only Disney can do that.'” Iger continued, “we welcome that challenge, because it motivates us and energizes us to always be bold in everything that we do, and to exceed your highest expectations.”
After this came the questions & answers portion of the meeting, which was odd as ever, but with the even weirder wrinkle of all being pre-recorded questions read by AI. I assume these questions came from real shareholders since they were even more antagonistic and adversarial to Disney than normal, but it was still very dystopian and off-putting. I really hope Disney doesn’t do that again–the Q&A is going to be a trainwreck, everyone knows that. Using AI and having the questions be pre-screened just casts unnecessary aspersions and doubts, even if there’s nothing nefarious at play.
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YOUR THOUGHTS
What did you think about Bob Iger and the current board’s plan for the future of Disney? Agree or disagree with the four key building priorities anchoring the company’s growth strategy? Thoughts on anything else discussed during Disney’s shareholder meeting? This is not the place for politics or culture wars; unnecessarily divisive or provocative comments along those lines will be deleted.
As a lifelong fan who watched Walt Disney introduce his show on Sunday evenings, and then experienced the Magic Kingdom in its infancy when the legacy of Walt and Roy was still fresh in my mind, I know how magical our beloved parks can be.
Even when Disney deserves the cranky, stinging criticism, I always want to see that legacy maintained with the high standards that were set in place decades ago by all of those legends.
So, thank you, Tom. I applaud your enthusiasm and positive attitude in all things Disney.
Sounds like they need more of the late Admiral Joe Fowler’s ‘Can Do’ spirit.
I second that! This current leadership team takes 2 years to build a walking path from MK to the Grand Floridian. LOL. Could you imagine an executive telling Walt Disney that it was going to take two years to build a walking path?
I hope the flow of concrete announcements coming out of Imagineering today puts to rest this avalanche of negative comments.
I’ll get excited when I see actual concrete, not announcements.
That’s what today’s announcements are. They are about beginning construction.
Problem is there’s been plenty of concrete announcements from Disney that went nowhere. I’ll start to believe all this stuff when shovels are in the ground….and fully believe it when the rides actually open.
Ok All these comments seem like the grass is greener type of whining. If you think it would be better under Peltz, you are sorely mistaken. Peltz wants one thing. Higher Stock Price. Period. If you want to see how that kind of leadership can destroy a company look at GE and BOEING. I worked at Boeing and saw first hand how the goal of HIGHER STOCK PRICE can completely demoralize and gut a company. At one time Boeing built the best Aircraft in the world. In order to cut costs to boost prices, they laid off all the Senior experienced people, farmed out almost all of the manufacturing. Boeing does not even know how to build most of the parts in the planes anymore. This would have happened at Disney if Peltz and his crew came in. I think it was good to shake up the board with a proxy fight, but I am happy with the outcome.
You are absolutely right. Clearly the current leadership is far from perfect, but Peltz and his colleagues had absolutely no concrete plans, no experience in running theme parks, and only cared about stock price. They could have made things even worse.
So most of the $60b is being spent overseas while oddly, WDW makes almost all of the company’s revenue and receives a fraction of budgetary money? It makes me want to vomit Iger cited Walt, the crass name dropping. He didn’t even know Walt. Iger is a failure and it’s a shame the shareholders were too scared to oust him by proxy. It’s like giving more money to Madoff after he admitted stealing, hoping he could find more money.
Parks and Resorts made less than half of the company’s revenue and WDW makes a fraction of that. Maybe you’re thinking of Return on Investment, which Parks and Resorts is very successful at, but WDW is not responsible for “almost all” of that, either.
Blah, blah, blah….build something new Disney!!!
I’d say instead “build something great, Disney” but I know that Epic Universe will force their hand. The competition will be really good for us Disney fans!
Right now, all they care about is leveraging IP, even if that IP is not a massive hit. It’s desperation in the face of massive restrictions placed on Imagineering. YES – Imagineering can compete against Harry Potter Lands. NO – leadership will not bankroll the capital costs to do so. And all this fully knowing that the Harry Potter lands and attractions were heavily designed and built be ex-Disney designers and contractors.
Can we get a new board, please? What? We lost that fight? Oh…
I recall the very recent Epcot overhaul plans and the big preview movie in Odyssey and what actually was delivered. I remember when there were night time parades, Dreamlights, free fast pass with shorter standby lines. I remember being excited when a new resort was announced because I knew the theme would be unlike anything outside of Disney. Iger and his team diminish the experience, underdeliver, and have Disney fans at each other’s throats because they decided to delve into social politics. Iger can’t be gone fast enough for me. Someone should also mention to them that nobody gives a crap about Avatar too. Literally nobody cares about that movie franchise anywhere close to being deserving of another “Land” (with 2 whole rides).
Avatar and Avatar 2 make up the top #1 and #3 highest grossing films of all time. If you’re adjusting for inflation, you’re looking at the original film still in the top three. Demand for Animal Kingdom’s Pandora was enough to skyrocket attendance at DAK for a long time. I am hardly a diehard Avatar fan (I think it’s fun still!) but I’m not going to pretend that the franchise hasn’t hit a huge global chord.
The Studio business may be a lost cause under Iger and the current board.
The Parks business – well – Universal Epic Universe will force Disney’s hand whether they want to or not. Let’s hope we don’t get more crappy “IP-fest” trash as a result of the competitive pressure. We need modern-day Pirates, Haunted Mansion, or Tiki Room sort of non-IP wins for the fans. I know – it’s too much to ask – especially in light of today’s proxy voting results. Bwahahaha!!!
I’m surprised they haven’t figured a way to stick Tiana and Encanto into Spaceship Earth.
I hope we see some cool stuff get turbocharged in Orlando particularly. I am cautiously optimistic
Same song, different verse. Lots of things happening overseas, lots of talk and no action here. And I assume Iger and company will take today’s shareholder vote as a mandate to continue with more of the same. I’m beginning to think that Disney doesn’t care about the U.S. parks any more. And please, spare me the “We’re gonna invest 60 billion dollars in WDW.” I’ll believe it when I see it. Oh yeah, and even so, what Disney has done in Epcot after years of Green plywood wslls is mind-bogglingly pedestrian, so what confidence is there that any money spent will be money well spent?.