Disney CEO Bob Iger Focused on Revitalizing Marvel, Acknowledges Excessive Sequels Following Box Office Setbacks
Disney CEO Bob Iger prioritizes revitalizing Marvel Studios, acknowledging recent box office disappointments His focus on reinvigorating the creative engine reflects future plans to enhance the production house known for billion-dollar blockbusters
Disney CEO Bob Iger emphasized that the top priority for the entertainment giant is revitalizing the creative output of Marvel Studios, which was previously known for producing billion-dollar blockbusters but has recently experienced a decline in box office success. Iger stressed the importance of focusing on quality in order to deliver exceptional content, stating that quantity has previously compromised the quality of Marvel's productions.
"My top priority at the moment is to assist the studio in achieving a creative turnaround," he stated. Iger, speaking in a broad interview with Andrew Ross Sorkin at The New York Times annual DealBook summit, acknowledged that Disney had compromised the quality of Marvel's produced films.
He added that the company had produced an excessive number of film sequels that did not resonate with audiences or critics. "There needs to be a compelling reason to create them," Iger emphasized. "Frequently, the storyline lacks the strength of the original, which can pose a problem. However, there must be a legitimate justification beyond financial gain. There needs to be an artistic purpose, and we've simply made too many."
Disney is currently developing sequels for some of its most significant films, according to Iger. However, Disney will only move forward with sequels that they deem to be "worth telling."
Iger attributed the decline in the quality of franchise films to a lack of executive supervision during the peak of the Covid-19 pandemic. This includes "The Marvels," which had the lowest box office opening in Marvel Cinematic Universe history this month, with just $47 million in domestic sales.
Iman Vellani, Brie Larson and Teyonah Parris in "The Marvels"
Marvel Entertainment
The Marvels struggles at box office on opening weekend
The Marvels was filmed during the Covid pandemic with less oversight on set compared to usual. Disney CEO Bob Iger mentioned the tectonic shifts in the entertainment industry and the audience's expectation for films to move swiftly from theaters to streaming platforms as the main contributing factors.
"We've made the audience expect that these movies will be available on streaming platforms quickly and that watching them at home provides a better experience than ever before," stated Iger. "It's easier to access due to technology advancements, and the visuals are improved, making it a bargain when you think about it."
A year into his second tenure as chief executive of the entertainment giant, Iger expressed his disappointment in Bob Chapek, his hand-picked successor-turned-predecessor at Disney, and referred to the appointment as a "mistake."
Iger expressed his disappointment with the company's transition period and denied reports of seeking to return to his former leadership role. He acknowledged the hard work and pride he had in building the company, expressing his emotional pain over seeing it struggle.
Plans for the future
Disney revealed a restructuring of its board on Wednesday, appointing Morgan Stanley CEO James Gorman and former CEO of Sky Jeremy Darroch as new directors. Francis deSouza, the former CEO of Illumina, a biotech company, announced that he would not be seeking re-election to the board.
Mark Parker, Chairman of Disneys board, commended Gormans succession planning abilities at Morgan Stanley in a statement. The bank's co-president, Ted Pick, is set to take over as CEO on January 1, 2024. "In the 14 years that James has been CEO of Morgan Stanley, he has overseen a strategic transformation of the institution and delivered significant shareholder value, and was integral to Morgan Stanley's well-managed succession process over the past year," Parker said.
During the DealBook summit, Iger announced his intention to leave Disney once his contract expires in 2026, emphasizing the thorough search for his successor. "Yes, I'm definitely going to step down," Iger said on stage.
- CNNs Samantha Delouya contributed to reporting.
