Disney park price hikes 'too aggressive,' CEO Bob Iger admits
Bob Iger vows to be 'smarter' about pricing as Disney moves forward, in order to maintain brand 'accessibility'
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Walt Disney Company CEO Bob Iger expressed sympathy with consumers who have complained about the company's theme park prices.
Iger, speaking Thursday at the Morgan Stanley Technology, Media and Telecom Conference, said the price hikes at Disney parks may have been "a little bit too aggressive."
In this handout photo provided by Walt Disney World Resort, guests walk down Main Street, U.S.A. at Magic Kingdom Park at Walt Disney World Resort on July 11, 2020, in Lake Buena Vista, Florida. (Kent Phillips/Walt Disney World Resort via Getty Images / Getty Images)
"In our zeal to grow profits, we may have been a little bit too aggressive about some of our pricing," Iger said, according to the Los Angeles Times.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 117.47 | -0.13 | -0.11% |
He added, "I think there’s a way to continue to grow that business, but be smarter about how we price so that we maintain that brand value of accessibility."
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General views of Sleeping Beauty Castle at Disneyland in Anaheim, California. ((Photo by AaronP/Bauer-Griffin/GC Images) / Getty Images)
Disney's business model of theme parks and various forms of entertainment programming has struggled in recent years amid the global pandemic and the difficulty in churning steady profits through streaming video.
Iger, 72, is widely regarded as among the most successful media executives in the business, overseeing a string of hit programming and generating record profits for investors, while expanding Disney’s theme park footprint globally.
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The search to replace Iger, who is set to retire again in two years, has officially started with a short list that includes some usual suspects and one out-of-the box candidate from the world of sports.
Adam Silver, commissioner of the National Basketball Association, is a top candidate to replace Iger as chief executive officer, according to two individuals with direct knowledge of the matter.
FOX Business' Lawrence Richard contributed to this report.