Disney CEO Bob Iger Shifts Focus Back to Storytelling
In an interview at the New York Times annual DealBook summit, Disney CEO Bob Iger made a significant announcement that caught the attention of investors and the creative industry alike. The summit, held on November 29, 2023, provided Iger with the platform to declare that Disney would no longer prioritize messaging over storytelling.
Reviving the Focus on Entertainment
Iger expressed his dissatisfaction with Disney’s recent creative endeavors. He declared, “Creators lost sight of what their number one objective needed to be. We have to entertain first. It’s not about messages.” He also emphasized that Disney’s core strategy should prioritize making quality films. Iger had recently conveyed a similar message to Disney employees at a town hall earlier that week, stating that creating hit movies is the best way to change the perception for investors and employees.
Returning to Core Principles
Highlighting the shift in Disney’s creative direction, Iger mentioned that the company had veered from its primary objective during his absence in 2022. He directed strong criticism toward the shift in priorities, stating that storytelling had suffered due to an excessive focus on messaging. Iger was insistent in his resolve to redirect Disney back to its fundamental objective of entertainment.
Managing Blowback and Criticism
Recently, Disney had faced criticism from political figures and social media for its inclusion of LGBTQ+ characters in its films. Despite this, Iger maintained his stance on embracing storytelling for entertainment before messaging.
Pressures and Challenges
The announcement from Iger comes at a time when Disney is experiencing box office troubles and a decline in performance, which has led to investor dissatisfaction. Activist investor Nelson Peltz’s Trian Fund Management has declared its intention to nominate new directors to the Disney board. The pressure from investors has been mounting, and the move to change direction is seen as an attempt to regain investor confidence.
The Way Forward
In preparation for potential challenges, Disney has named two new board members and is gearing up for a potential proxy fight. The company is focused on addressing investor concerns and overcoming its recent performance struggles.
Iger’s announcement signals a significant shift in Disney’s creative strategy and an effort to address the challenges the company is currently facing. The move to refocus on storytelling and entertainment first could have a profound impact on Disney’s future direction.
