(LibertySociety.com) – Disney CEO Bob Iger sent shares of the company’s stock plummeting on May 7 when he discussed a grim-looking third-quarter forecast. Despite projecting little to no increase in Disney+ subscriptions, Iger made clear that streaming would continue to be the company’s top priority. He blamed the company’s seasonal Indian sports for the streaming stagnation but said that streaming would “be a growth driver for the company” soon. He emphasized that Disney had “prioritized the steps necessary to achieve this.”
Disney will scale back its yearly Marvel productions, as Iger recognized that a large portion of its losses have occurred at the box office. He said that only three Marvel movies and two Marvel television series would be released each year. One such film that did particularly terribly last year was The Marvels, which took in just $115 billion globally. Given the cost of production was far greater than the box office ticket sales, it is safe to say that the company is rightly rethinking its strategy.
In March, Disney revealed that Indiana Jones and the Dial of Destiny also flopped, resulting in $130 million in losses for the company. Despite massive backlash and boycotts of the company, Disney has continued pushing the LGBTQ agenda in its movies and television series. An April poll from Rasmussen Reports was devastating for the brand, as only 46 percent of respondents viewed Disney as favorable. A whopping 71 percent said that the company should stop pushing LGBTQ programming.
A report from the Gay & Lesbian Alliance Against Defamation (GLAAD) revealed that Disney and Netflix produced the most LGBTQ content out of any Hollywood studio. Roughly half of Disney films released in 2022 incorporated the agenda. Following Iger’s rocky report, the stock plummeted 10 percent at the close of the market, making May 7 the worst trading day in over a year. As of May 13, the stock has yet to recover its losses.
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