David Rosenthal: belief

Transcript context

…And sitting here grumbling about it and wishing that that could come back is not the answer. But Disney is sort of seeing the reality in '23, '24 that, Oh my God, streaming wasn't just like invest some money to build it out one time and then we've got this great asset. It's this constant, expensive nurturing thing that we haven't had to deal with before. Yep. So heading into 2022, Bob Chapek does a reorg, basically reorging the entire company around the streaming strategy, consolidates all the studios altogether into one reporting segment, Disney Media, I think, D-Med. Meanwhile, losses at Disney+ are just piling up as they're spending all of this money in production and customer acquisition costs and churn management and technology development. It culminates in November 2022 in Disney's fiscal Q4 earnings call when investors start asking a lot of questions about these losses at Disney+ and Bob Chapek and the company's strategy for addressing them. And it does not go well. Well, and there are all these other self-inflicted wounds, I mean, all over the company. They announced they're moving a bunch of Imagineers to Florida, and then they canceled that expansion even after a bunch of them like already bought houses. Then there's the whole spat between Chapek and the governor of Florida.…

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