Make no doubt about it, Disney is making a major shift in its content strategy. Monday afternoon, Disney CEO Bob Chapek released a statement revealing the company is consolidating its entire entertainment business in an effort to put an increased focus on its streaming products. Hours after the initial statement went out, Chapek appeared on CNBC and double-downed on the company’s refocused efforts.
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In a chat with CNBC’s Julia Boorstin on Closing Bell, the Disney chief double-downed on the shift to streaming. The chief also made sure to assure exhibitors the company also has zero plans to abandon theatrical releases, saying they’ll continue producing content for both mediums.
“As you know, we’ve benefitted from a tremendous relationship with theatrical exhibition for many, many, many years. As dynamics change in the marketplace, though, we want to make sure we’re giving consumers, who want to go to theaters to experience everything that a theatrical release can give them, we want to continue to give them that option,” Chapek said.
That’s when he brought up the fact the consumer confidence, especially when it comes to attending theaters, is at an all-time low.
“But at the same time, there’s a lot of consumers that want to experience a movie from the safety, comfort, and convenience of their own home, for whatever reasons they do,” Chapek added. “So we want to make sure that we put the consumer first, and the consumer is going to be making the decision in terms of how they consume our media as opposed to some arbitrary decision that we may make from a distribution standpoint. So we want to look at ourselves as consumer enablers.”
The executive wouldn’t go into specifics entirely, though he mentioned the company’s next investor’s conference will be a major event when it comes to finding out more about Disney’s new structure and business plans.
“I think you’re going to hear a lot more on December 10 when we have our next investor conference,” he concluded. “We plan to share a lot more details in terms of how this strategy and how this reorganization then translates into business actions, so I look forward to sharing a lot more on December 10.”
