Bob Igor return to Disney as CEO, replacing his own successor Bob Chapek, a long time Disney executive, is all about the profitability of the media group's content streaming platform.
Igor, who left at the end of last year after a 15-year tenure, has many challenges at his old company, including weaker financial results with Disney's streaming media reporting losses $US1.5 billion in the latest quarter.
The company forecasts that Disney+ will hit profitability in 2024, assuming no "meaningful shift" in the economic climate.
“Even Disney isn’t immune to the brutal headwinds that have pelted the media and tech industries in recent months," says Mike Proulx, Forrester VP & research director.
"Bob Iger’s return to the company comes at a time when the dominant user gains at Disney+ are juxtaposed with significant financial losses.
"Amidst an incredibly competitive streaming market for users’ attention and dollars, Iger’s top challenge will be to increase subscriber value without breaking the bank and compromising content quality.
"That’s a tall order even for a seasoned and proven pro at the helm.”
Iger said: “I am extremely optimistic for the future of this great company and thrilled to be asked by the board to return as its CEO.
“Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.
"I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
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