Disney CEO says he will reduce the budget and the number of future films

Bob Iger CEO of Disney seeks to improve the quality of his films and is committed to large franchises and box office success, reducing the number of films, and also the budget per film

Disney CEO Bob Iger has revealed his plan to raise the bar for the company’s film productions. After some setbacks at the box office, such as “Ant-Man and the Wasp: Quantumania”, “Indiana Jones and the Dial of Fate” and “Haunted Mansion”, Iger has announced that they will reduce the number of films and the budget allocated to them.

Although Disney has made a profit of 22.3 billion dollars in the last quarter, an increase of 4% over the previous year, Iger has made it clear that they are not only looking to improve the quality of the films, but also to increase their profits. “We will not only reduce the number of releases, but also the cost per film”, he stated.

Disney’s strategy will focus on what has worked in the past: big franchises and blockbuster movies. Iger mentioned the success of the previous “Guardians of the Galaxy” movies, the original “Avatar” movie and the first four “Indiana Jones” installments, which have generated great interest on the streaming platform Disney+. In addition, the company plans to boost its streaming content, with the goal of offering consumers more choices in one place, which would result in more user interaction, lower churn rates, and more opportunities for advertisers.

On the other hand, Disney has formed a working group dedicated to exploring the use of artificial intelligence (AI). According to Reuters reports, the company is looking to apply AI in various areas, such as film studios, theme parks, television and advertising. Although AI is expected to be used to reduce production costs and improve guest experiences at theme parks, it is not envisioned for use in screenwriting or filmmaking.