Walt Disney Co. will cut its investment in programming for traditional TV networks “quite significantly” as consumers shift to streaming, Chief Executive Officer Bob Iger announced Wednesday.
Iger said linear channels like ABC still serve as important marketing tools, reaching older viewers who don’t watch series like “Abbott Elementary” on Disney’s streaming platform. Stated.
Still, Iger said at Moffett-Nathanson’s 2024 Media, Internet and Communications Conference in New York that the goal is to “significantly reduce investment in content, especially for traditional networks.” .
As for Disney’s theme park business, Iger said he expects it to continue to grow, but probably not at the same rate as in recent years.
“We’ve had double-digit revenue growth in this business for quite some time, which is unusual,” he said. “But I think we are also realistic in that achieving double-digit revenue growth into the future is not necessarily achievable.”
Disney shares closed 2.5% lower at $102.77 on the New York Stock Exchange.
