The Walt Disney Co. CEO Bob Iger said that, as the company continues to incur losses to its TV sectors, he plans to cut marketing budgets for Disney Plus, which he believes are “too high,” in favor of investing in streaming technology.
“As we got into the streaming business in a very, very aggressive way, we tried to tell too many stories,” explained Iger, speaking Wednesday at the MoffetNathanson Media, Internet and Communications Conference in New York. “Basically, we invested too much, way ahead of possible returns. It’s what led to streaming ending up as a $4 billion loss, for instance.”
