Disney4me Posted February 9, 2023 Report Posted February 9, 2023 Disney dropped some serious news bombs during its Q1 2023 earnings call. Cinderella Castle We learned the number of current Disney+ subscribers, how much Disney Parks have made, what three movies are getting sequels, and more. But we also learned about how the company wants to cut spending by $5.5 billion, as well as how it plans to do that. To start, Disney plans on cutting a whopping $3 billion in non-sports content. Iger said, “We will take a very hard look at the cost of everything we make across television and film.” That could mean cutting content on Disney+, but it could also mean that the company could be considering selling its share of Hulu. According to Iger, “everything is on the table” right now, concerning the streaming service, which Disney owns two-thirds of. ©Hulu The other $2.5 billion will be cut by general operating costs. CFO Christine McCarthy later said that the non-content cost-cutting will happen like this: 50% marketing and 20% in technology, procurement, and other expenses. However, 30% of those cut costs will happen in labor — the company also announced layoffs for 7,000 Disney employees. Partners Statue in Disney World The company has also immediately been restructured “aimed at returning greater authority to our creative leaders.” The company will be organized into three divisions: Disney Entertainment, ESPN, and Disney Parks, Experience, and Products. ©Alberto E. Rodriguez / Getty Images Iger stated that the reorganization will provide “a more cost effective, coordinated and streamlined approach” to how the company operates, as well as “re-establish a direct link between content decisions and financial performance.” We’ll continue to follow ALL the news coming out of The Walt Disney Company, so stay tuned to DFB for more! Massive CHANGE From Disney CEO Bob Iger Seeks to Fix a Chapek “Mistake” Join the DFB Newsletter to get all the breaking news right in your inbox! Click here to Subscribe! Don't Miss Out on Any Disney Fun! Order Your Copy of the 2023 DFB Guide to Walt Disney World Dining Today! With more than 900 pages, the 2023 DFB Guide to Walt Disney World Dining is full of tips and planning tools developed by Disney World experts over 30+ years of visits. We've done the research for you, so you'll know just which spots will uniquely suit your family's needs! You'll get a Reference Guide, a 101 Plan, and a Printables and Resources Guide! With mini-reviews of every single restaurant, bar, lounge, kiosk and more; an entire chapter on the best snacks in Disney World; full Disney Dining Plan analysis; and a full chapter on discounts and deals; you'll have everything you need to plan your best vacation yet. Click here to order your copy of the 2023 DFB Guide to Walt Disney World Dining E-book with code WDW2023 to save 25% off the cover price today! Use code WDW2023 at check-out for 25% off the cover price today! http://www.disneyfoodblog.com/wp-content/uploads/2016/11/ready-to-shop-button.png Our guides are backed by a 100% money-back guarantee, so you have nothing to lose. What do you think of Disney’s plans for cost-cutting? Let us know in the comments!The post Disney To Cut Spending By .5 Billion -- Here's How first appeared on the disney food blog.View the full article Quote
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