Adios Bob Chapek (CEO of Disney)
Hello Bob Iger.
Variety reports that Bob Chapek, CEO of Disney, was sent packing on Sunday night. The board has asked Bob Iger (previous CEO) to return to Disney to fill that position.
The insiders at Disney seem to be as shocked as if we were talking about firing Mickey Mouse himself.
Chapek was the champion of such decisions during the pandemic as co-releasing Black Widow in the theaters (mostly shuttered) and Disney+ (for which Disney was sued by Scarlet Johanssen). Variety speculates that his inconsistent attempts to respond to critique from conservatives about Disney’s pro-LGBTQ+ agenda with concessions, such as remaining neutral in the so-called “Don’t Say Gay” bill in Florida, and then reversing that decision, hurt his popularity with the board. Hiring the strategist for British Petroleum (post 2010 oil spill) to cover up that mess was kind of poetic in a weird, lacking self-awareness sort of way.
The bigger issue is the fact that he bet heavily on the success of Disney+ In 2022 they lost $1.5 billion in spite of adding more than 12 million subscribers. When the stock price dropped to $86.75 per share a couple of weeks ago in light of the losses, the gig was up on Chapek. In only three years.
What’s the takeaway?
The key to making money in any business is spending less than you earn. Chapek bet heavily on streaming and spent a lot of that $1.5 billion he lost on content.
But what if you could invest in a platform that funds original content and pays nothing for it? While budgeting some profit into the projects on the front end for the creators?
If you know anything about it, that should remind you of how MTV got started. You might have heard of it.
Hi. We’re Loor.tv. Nice to meet you.
Our goal is to close our second SAFE round of investment. If you’re an accredited investor we would sure like to meet you. And you want to meet us.
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