Walt Disney Company CEO Bob Iger acknowledged the company misstepped in its recent price increase for its theme parks, saying the company was “too aggressive.”
Iger’s statement was made while speaking at the Morgan Stanley Technology, Media and Telecom Conference on Thursday, where he addressed the negative reactions from the recent decision to increase prices at Disneyland and Walt Disney World in Florida, according to Los Angeles Times.
“In our zeal to grow profits, we may have been a little bit too aggressive about some of our pricing,” Iger said. “I think there’s a way to continue to grow that business, but be smarter about how we price so that we maintain that brand value of accessibility.”
Iger, who initially left the company in 2020, returned as chief executive in late-2022, replacing then-CEO Bob Chapek. During his Thursday appearance at the conference, Iger promised “to continue to listen to consumers,” and that the company is “going to continue to adjust.”
In February, Iger said he would leave his role as CEO of Disney in two years, and that one of his goals during these next two years is to ensure Disney’s board will “succeed at succession.”
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The push back from consumers on the price increases to the company’s theme parks come as the United States continues to combat inflation.
Disney itself has had to deal with the rough economic environment, losing 2.4 million subscribers to Disney+ in the last quarter of 2022, marking the first time the streaming service has lost subscribers. The company also fired 7,000 of its employees last month, joining the growing list of companies, including Amazon, Microsoft, and Meta, to let go of thousands of employees in recent months, according to Variety.
