Disney Targets $3B in Content Cost Savings Over Next Few Years
By Caitlin Houston | The Hollywood Reporter
February 8, 2023
Disney is targeting a multi-billion figure for content savings over the next few years, excluding sports, CEO Bob Iger announced Wednesday.
This will be an annualized savings target of $3 billion of future spending, CFO Christine McCarthy clarified. Disney still expects its content spending to remain “in the low $30 billion range” for fiscal 2023.
<snip>
“We are going to take a really hard look at the cost for everything that we make, both across television and film. Because things in a very competitive world have just simply gotten more expensive, and that’s something that is already underway here. In addition, we’re going to look at the volume of what we make. And with that in mind, we’re going to be fairly aggressive at better curation when it comes to general entertainment,” Iger said when asked about the savings on the earnings call.
<snip>
“Now it’s time for another transformation; one that rationalizes our enviable streaming business, and puts it on a path to sustain growth and profitability, while also reducing expenses to improve margins and returns, and better positioning us to whether future disruption, increased competition, and global economic challenges,” Iger said, after speaking about his tenure at the company.
Read more