Disney announces in its annual report that it will significantly reduce its output of feature films and television programming in the next year.
Disney has produced a mass of content over the last few years through its various subsidiaries, made for both television and the big screen. The media giant recently announced that will change in the next year.
In its annual report, Disney stated, “In fiscal 2023, the Studios plan to produce approximately 40 titles, which include films and episodic television programs, for distribution theatrically and/or on our DTC platforms.” It should be noted that its annual report for 2022 confirmed a goal for 50 films. The reasons behind the drop in production or shift in strategy are currently uncertain.
Disney and Its Subsidiaries
Meanwhile, Disney’s General Entertainment division, including ABC Signature, Disney Television Animation and FX productions are aiming to “produce or commission more than 270 original programs,” where the earnings report for 2021 revealed Disney’s General Entertainment produced just 145 programs.
This reflects recent reports centered on subsidiaries such as Marvel Studios, which was also said to be shifting focus from quantity to quality. This change was attributed to “internal negative feedback.” of Phase 4 of the Marvel Cinematic Universe and its distribution and quality, with creative issues behind the scenes, in addition to production and post-production issues, with the latter specifically pertaining to visual effects. While it should be noted the reports concerning Marvel have not been officially confirmed, there have been reports suggesting Marvel Studios is considering an in-house VFX department, after external visual effects artists began voicing complaints.
Disney’s Change in Leadership
These changes arrive shortly after CEO Bob Chapek was removed from his position in a sudden change. He was replaced with former Disney CEO Bob Iger. In its announcement, Disney stated, “Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”
The returning CEO has not publicly confirmed his plans for the company over the next two years, only that there were no plans for major acquisitions. This was in response to reports of an insider’s prediction and rumors that Iger planned to sell the Walt Disney Company to Apple. Iger dismissed these rumors as pure speculation.
Source: Disney, via The Direct