Credit: Inside The MagicIf we’re being entirely honest, the Walt Disney Company has been losing more than a bit of its magic in recent years, and 2023 marked a season of flops that did more than put a dent in the brand’s reputation. Months later, it seems like Disney CEO Bob Iger is finally realizing the gravity of the situation and trimming the fat for the foreseeable future.
After Bob Iger came back to do damage control left in the wake of his protege, Bob Chapek, many Disney supporters were hoping and praying that things would go back to normal after he regained the reigns. Unfortunately, this was not the case as the company and the studio continued to battle backlash, controversy, and box office bombs at every turn.
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Despite having some success in 2023, Disney seems to be taking a much slower approach with some of its recent announcements. While many fans (including Iger) are excited about the release of projects like Moana 2 (2024) and Deadpool and Wolverine (2024), the CEO also confessed to pulling the plug on multiple projects that didn’t live up to the company’s new direction.
Bob Iger Cancels Multiple Projects, Future Uncertain
During yesterday’s Morgan Stanley conference, the Disney CEO finally showed his hand surrounding the future of many successful properties. Iger has previously stated that the company had lost its focus on storytelling in November of 2023, and that Disney needed to refocus, and now those words have come home to roost.
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His recent statements at the conference prove that he is doing more than making good on his word, as he publicly shared that multiple films have been canceled due to not living up to that focus.
The Hollywood Reporter shared the following quote from Iger.
“You have to kill things you no longer believe in, and that’s not easy in this business because either you’ve gotten started, you have some sunk costs, or it’s a relationship with either your employees or with the creative community…”
While an affirmation of what the CEO stated last year, the revelation that’s genuinely going to shake things up at the Walt Disney Company was when he added,
“It’s not an easy thing, but you got to make those tough calls. We’ve actually made those tough calls. We’ve not been that public about it, but we’ve killed a few projects already that we just didn’t feel were strong enough.”
At the time of writing, it’s unclear just which specific films were canceled, but Iger goes on to imply that the Marvel Cinematic Universe received the biggest cut, stating that Disney had “reduced” the franchise’s output.
What Does This Mean for Disney?
As the CEO and other execs seem to be cutting and canceling projects left and right this week, Iger did make a statement that should soften the blow toward Disney’s future. The report also shared that Iger spent more time with the creators and parties involved “watching these films, giving detailed notes in these films, engaging in a respectful process that results in improvement.”
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Based on the presented information, the long-awaited wake-up call has finally been received, and Bob Iger has heard the outcry from Disney’s audience. Instead of trying to fit some sort of mold or social agenda, the company’s new direction will focus on maintaining a solid relationship with the audience and creative community. Either way, progress is being made.
Will Bob Iger be able to rebuild Disney’s reputation with audiences? Tell Inside the Magic what you think in the comments below!