Disney CEO Bob Iger Reveals Cancellation Of Several Projects Amid Box Office Slump: 'And That's Not Easy In This Business'

Walt Disney Co. DIS CEO Bob Iger disclosed that the company has axed several projects as part of a studio overhaul to counter a box office downturn.

What Happened: On Tuesday during an investor conference Q&A, Iger revealed that Disney has terminated multiple projects that were deemed not strong enough, as the company strives to revitalize its film slate, reported Deadline.

"We're doing a lot. When we talk about improving our film, slate, there are really three approaches. One is you have to kill things you no longer believe. And that's not easy in this business. Because either you've gotten started, you have some … costs. It's a relationship with either your employees or with a creative community. And it's not an easy thing. But you got to make those tough calls," the CEO said.

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Despite the challenges, Iger stated that Disney has made these tough calls, although they have not been publicly disclosed. He also stressed the need for a relentless pursuit of perfection, stating that “good is not good enough.”

Why It Matters: Disney has faced setbacks in various genres, including animation and superhero films, which activist investors are using to push for changes in the Disney board. However, Iger believes that the key to success lies in creating great films, not in audience fatigue.

Iger’s latest statement comes on the heels of Iger’s confirmation of an “Avatar”-based land at Disneyland Resort.

Disney’s first-quarter revenue stood at $23.5 billion, showing no significant change compared to the last year. This figure fell short of the Street’s consensus estimate of $23.6 billion, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.