Bob Iger confirmed sequels for Toy Story, Frozen and Zootopia are “in the works” in the hopes that Disney can turn the tide on their streaming service.
Netflix has grappled with the loss of subscribers for a while now, but Disney+ has reported a fall in subscribers for the first time since they launched in 2019.
Chief executive Bob Iger is planning a major shake up of the entire company and said 7000 jobs would be cut on a call to investors as reported by the BBC.
While Iger said the decision was not made lightly, the move is a part of Iger’s plan to save $5.5bn (£4.5bn) and hopefully make Disney+ profitable.
The Mandalorian is Disney+’s next big release in March. Credit: Disney+
Iger also confirmed the entertainment giant is working on sequels for Toy Story, Frozen and Zootopia.
“We’ll have more to share about this production soon, but this is a great example of how we’re leaning into our unrivalled brands and franchises.”
According to Iger, these plans will “better position us to weather future disruption and global economic challenges”.
Disney ended 2022 on a high with 11% rise in profits which came to $1.3bn. However, Disney+ suffered a loss of $1.5bn. The number of subscribers fell from 2.4 million to 161.8 million.
The Walt Disney Company Former CEO and Chairman Bob Iger speaks onstage during Vox Media’s 2022 Code Conference – Day 2 on September 07, 2022 in Beverly Hills, California. (Photo by Jerod Harris/Getty Images for Vox Media)
“This reorganisation will result in a more cost-effective, co-ordinated approach to our operations,” Iger commented on the plans.
While Disney+ remains their top priority, the company is restructuring into three distinct segments: Film, TV and streaming, ESPN and Disney parks, experiences and products.
Iger took over from Bob Chapek as the chief executive after the company suffered huge losses. Iger previously ran the company for 15 years before Chapek took over from him in 2020.
Disney owns a lot of popular IPs, including Marvel and Star Wars and with a new Ant-Man film releasing next week and Avatar: The Way Of Water showing no signs of slowing down, Disney should still be raking in plenty of money.
