The head of the Walt Disney Co. has conceded that theme park admission prices might have gotten a little out of hand—under his predecessor. "I always believed that Disney was a brand that needs to be accessible," Bob Iger said at a conference Thursday, Deadline reports. "And I think that in our zeal to grow profits, we may have been a little bit too aggressive about some of our pricing"—upsetting customers. The least expensive adult ticket to Disneyland, available only on certain days, runs $104, for example. The company has added to those days, per the Los Angeles Times. Iger suggested Disney can balance accessibility and profitability.
On the other hand, Iger cited one case in which he thinks Disney undercharged: its Disney+ streaming fee. It ran $6.99 when the service launched in late 2019, which helped it add subscribers quickly while losing billions. The ad-free version now costs consumers $10.99 per month. Iger was restored atop the company in November, replacing Bob Chapek, who departed as CEO. The new boss said the company needs to cut $5.5 billion in spending, which will involve eliminating 7,000 jobs. Disney also is considering selling some of its operations, including Hulu and ESPN. (More Walt Disney Co. stories.)
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