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In its beginnings, Disney focused on the animation industry, but today its economic activity extends beyond the cinema.
In 2020, due to the Covid-19 pandemic, the company’s losses were around 2.9 billion dollars.
Today, its CEO, Bob Chapek, remains firm on the goal of reaching between 230 and 260 million Disney+ subscribers by 2024.
In recent months, Disney has been involved in various controversies with authorities and citizens of the United States, especially its CEO Bob Chapekwho has decided to face the controversy and extend his contract for three years, something he won with a unanimous vote in the company’s executive board.
This Tuesday the board of Walt Disney voted unanimously so that Bob Chapek remains in charge of the beleaguered House of Mouse until 2025.
“The pandemic dealt Disney a heavy hand, but with Bob at the helm, our businesses, from parks to streaming, not only weathered the storm, but emerged in a position of strength,” said Disney Chairman Susan Arnold. after the news was released.
Disney is one of the most important brands in the world of entertainment and, according to data from the company’s annual report, in 2021 it entered approximately 16 thousand 550 million dollars thanks to the different parks and vacation complexes that it has around the world.
According to said report, this figure represented a decrease of around 485 million, with respect to the figure recorded during the previous year; however, to this data are added those obtained in the film industry, where in the last year, Mickey Mouse’s company generated revenue of approximately US$67.4 billion.
Disney’s global empire is made up of its Florida, California, Tokyo, Paris, Hong Kong and Shanghai parks and resorts, as well as a cruise line and film and streaming production companies. According to the study by The World’s Biggest Public Companies, Walt Disney is the most valuable company in the media sector, since leads based on market value, in 2021, with 339.9 billion dollars; leaving in second place Comcast, with 252.4 million dollars; and third to Netflix, with 242.2 billion dollars, among other entertainment companies.
In that sense, in the streaming industry where Disney is also present, information from CNN details that the platforms that currently have the most subscribers in this sector are Netflixwith 208 million users, Amazon-Primewith 200 million users, Disney +, with 104 million, and HBO MAX, with more than 64 million.
Bob Chapek and the controversy around Disney
Chapek succeeded Robert Iger from February 2020, just a few months before the Covid-19 pandemic forced the company to close its theme parks.
However, since his arrival at the managerial position he has been involved in various controversies, such as the company’s failed response to Florida’s “Don’t Say Gay” bill or the shocking ouster of Disney TV content chief Peter Rice and the installation of Dana Walden.
He was also severely criticized for his lack of tact in dealing with issues such as the salary of actress Scarlett Johansson, who starred in “Black Widow”; likewise, a source from The Wrap media assured last week that Abigail Disney, Walt Disney’s great-niece wants to start a legal battle to reduce the manager’s salary, since in his second year his income more than doubled and by 2021 he received 32.5 million dollars.
The controversies of Bob Chapek have cost the world’s largest media conglomerate dearly, which has suffered a more than 30 percent drop in its shares so far this year, a figure that is more impactful in the context of a recovery by the losses left by the health crisis, which register a net amount of 4 thousand 721 million dollars only for the third fiscal quarter of 2020.
“At this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team,” Arnold added as the industry was uncertain about the future of the CEO.
Bob Chapek and his extended tenure as CEO of Disney
Chapek, 63, has been with The Walt Disney Company for nearly 30 years, serving as its seventh CEO; He was previously president of the Disney Parks, Experiences and Products division.
“Leading this great company is the honor of a lifetime and I am grateful to the Board for their support.”
“I started at Disney nearly 30 years ago and today I have the privilege of leading one of the largest and most dynamic companies in the world, bringing joy to millions of people around the world. I am thrilled to be working alongside the incredible storytellers, staff and cast members who make magic every day,” he said in a statement.
This is how this contract extension marks an important guideline in the industry, making clear the challenge that is expected at Disney until 2025, since Bob Chapek has some very big shoes to fill.leaving behind the controversy, since the legacy of his predecessor, Bob Iger, it is marked by great successes, among which the purchase of Marvel, Pixar, 21st Century Fox and Lucasfilm stand out; the re-theming of Hollywood Studios at Walt Disney World, the addition of more brands to theme parks, the focus on high-quality movies, and the launch of Disney+.
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