As one of the most predominant media companies in history, The Walt Disney Company has been no stranger to news headlines.

However, since the COVID-19 pandemic launched the world into a time of uncertainty — and, in many cases, loss — Disney has been in the headlines a bit more frequently as they continue to branch in new directions, expand their parks, and attempt to make profit again. At the start of the pandemic, the company was headed by Bob Chapek, who was replaced in 2022 by the current (and former) CEO — Bob Iger. Going into 2024, four years after pandemic-related closures, Iger has some BIG changes to make to keep the company headed in the right direction. 

At the final earnings call of 2023, Iger shared that there were four key building opportunities that the Company would be focusing on in 2024. Those were:

• Achieving significant and sustained profitability in the streaming business.
• Building ESPN into the preeminent digital sports platform.
• Improving the output and economics of film studios.
• Turbocharging growth in the Experiences business.

In order to make those things happen, Iger needs to make a few key changes.

Seamlessly launch the official merge of Disney+ and Hulu.

As Iger has shared many times before, streaming is his main priority. Iger shared that the company is set to profit off Disney+ by the end of 2024, but in order to do that, Disney must seamlessly launch the official Disney+ and Hulu bundle.

Currently, the beta version is available domestically, but the official bundle won’t roll out until early 2024. Rolling out this new product with no bugs, issues, or learning curves is no small feat. However, Iger seems confident that Disney can do it.

Attain media rights for major sports associations.

Did you know that the National Basketball Association (NBA) AND the College Football Playoffs (CFP) were both looking to hand off media rights in 2024? Disney has expressed interest in both, which is no surprise, considering their goal to focus on streaming.

In 2024, if Iger and Disney can attain the media rights for the NBA and CFP and focus on the direct-to-consumer and live sports broadcasting aspects of streaming, ESPN+ could become the preeminent sports platform that Iger is hoping for.

Grow attendance and revenue at Disney World.

Turbocharging growth in the Experiences sector (this includes the Disney Parks, Disney Cruise Line, and Experiences by Disney) is another thing Iger hopes to focus on. Looking at the earnings report for fiscal 2023, it seems that the parks saw an overall increase in revenue compared to previous years, but this doesn’t mean that Disney is profiting. This means the company is one step closer to returning to normal. 

So, Iger hopes to continue to build the Experiences sector, and we think that’ll tie into expansions at Disney World. You see, 2023’s fiscal growth happened everywhere BUT at Disney World — which saw a decrease in attendance and revenue. In 2024, if Disney can market upcoming attractions and experiences like Tiana’s Bayou Adventure, the return of the Disney Dining Plan, all-day park hopping, and other attractive things correctly, we might see those numbers go up at Disney World and overall. 

Bring creativity back to film studios.

Disney’s recent movies have been hit or miss when it comes to the box office. Some have done well (We’re looking at you The Little Mermaid), but others, like Elemental and The Marvels have been box office flops. (Although, Elemental did perform much better when it was released on Disney+.)

Iger and other executives believe wholeheartedly that movies aren’t performing in theaters the way they used to because of one thing: a loss of creativity. Disney shared that the focus should be on creating new, engaging stories rather than a constant stream of rehashes — in the forms of series, remakes, and similar plot lines.

Oh, and did we mention that Iger still needs to choose (and train) a successor? Media executives have their guesses on who the successor might be, but we think that the successor could be announced in late 2024 to early 2025, before Iger’s contract ends in 2026.

We can’t wait to follow along with more Walt Disney Company news in 2024 and see the changes and efforts made. We’ll be sure to keep you updated along the way, so make sure to follow along for more!

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What big changes would you like to see Disney make in 2024? Let us know in the comments!

The post 5 Big Changes Bob Iger Has To Make in 2024 first appeared on the disney food blog.