Losses & profits. In the enchanted kingdom, there are always surprises, and they are sometimes created by the "king" himself. Disney CEO since 2005, Bob Iger announced on Tuesday, February 25, that he will share his crown. Bob Chapek, head of amusement parks and related products, and a pure product of the firm, which he joined in 1993, becomes general manager. The outgoing CEO will be executive chairman until his retirement at the end of 2021. In this position, he will " lead artistic initiatives and use all their experience to ensure a smooth and successful transition ”, specifies the entertainment giant.
For a surprise, it’s a surprise. On the announcement of the withdrawal of this outstanding boss, Wall Street marked the blow: the action lost 2.6% in electronic trading after the close. It must be said that Bob Iger, 69, for a time the highest paid American executive, is an ace for the stock market and its shareholders. He created an entertainment empire of 170,000 employees, whose capitalization (212 billion euros) has increased fivefold during his tenure. It was he who extended the kingdom's territories by buying Lucasfilm, Marvel, Pixar and especially 20th Century Fox for the trifle of 65 billion euros.
It was still "Bob" who launched Disney in the titanic war of video on demand, achieving a breakthrough with the launch of Disney + in November 2019 – the streaming platform is expected in France on March 24 – , which won over 28.6 million Americans in three months thanks to its rich catalog and low prices. It thus marked a revolution for a firm hitherto confined to the distribution of content in cinemas and on television channels.
"Daddy's TV" is dead
It will now deploy a direct offer to consumers. And compete with the pioneer Netflix – with its 167 million customers – Apple TV +, Amazon Prime Video and future major players like HBO Max (AT & T-Time Warner) or Peacock (Comcast-NBC Universal).
"Daddy's TV" is dead: the number of subscribers to the platforms is expected to reach one billion worldwide in 2024. This shift to video on demand was therefore imperative, and it was he who had to negotiate it. "Our group has become more complex in recent months, Bob Iger told analysts and reporters. But all the elements are in place, the strategy is deployed and I would like to spend as much time as possible on the creative part of the work, which becomes the highest priority. " Meanwhile, the other "Bob" has a more immediate concern: the Covid-19 epidemic, which forced him to close the theme parks (Shanghai, Hong Kong) and delay the release of films in China. Rest assured, the "Queen-witch" never triumph in the wonderful world of Walt Disney.
