Overview

• Disney CEO Bob Iger is planning to cut costs by $7.5 billion by reducing costs across the company and eliminating 7,000 jobs. This is higher than the original target of $5.5 billion announced earlier this year.
• Disney+ has added 7 million new subscribers in the last quarter, most of them opting for the ad-supported tier. Disney expects this service to be profitable by end of 2024.
• Despite losing about 23 million subscribers in a year, Disney+ Hotstar now has 37.6 million subscribers. The streaming service lost subscribers mainly due to the loss of rights to broadcast the Indian Premier League (IPL).
• Disney plans to launch a combined Disney+ and Hulu streaming service in beta next month, with an official launch planned in spring 2024. This comes after Disney's recent acquisition of Comcast’s remaining 33% stake in Hulu for at least $8.61 billion.
• Admitting that the company had lost focus, Iger emphasized a shift in Disney's movie strategy from prioritizing quantity to producing quality content. Iger hopes to refocus Disney's efforts towards maintaining its legacy as a provider of high-quality entertainment.