George Lucas, the creator of the great space saga, gives encouragement to Disney's fresh start.

Walt Disney suffers from poor management and has faced several challenges in recent years, especially the box office performance of the movie ``The Little Mermaid'' which was lower than expected and the company hasn't been blessed with a big hit since ``Frozen 2.'' In the market, there is a noticeable shift away from Disney fans.

Disney's video distribution service "Disney+" continues to be in the red due to the posting of impairment charges due to the deletion of some content, and the final profit and loss for the April-June period of 2023 was a deficit of $460 million. This is a fall from a profit of $1.409 billion in the same period last year. Due to a decline in membership, Walt Disney announced that it would cut 7,000 employees.

Bob Iger returns as CEO

Bob Iger made a sudden comeback as Disney's CEO in November 2022. Mr. Iger served as Disney's CEO from 2005 to February 2020, and succeeded in large-scale acquisitions such as Pixar and Marvel, increasing Disney's sales. However, his predecessor, Bob Chapek, was criticized for his policies as CEO and his relationship with the creative department deteriorated.

Why did Bob Iger make a comeback?

Generally, when a veteran leader returns to his previous job, it is said to be a response to a crisis situation facing the company, but during the tenure of his predecessor, Bob Chapek, Disney has been rocked by the pandemic and culture wars. Mr. Iger's return means he will take on the major responsibility of rebuilding Disney's business and finding a successor. When his return was announced, the market reacted favorably and the stock price rose.

recent trends

In recent years, Mr. Iger has focused on achieving sustainable profitability for streaming businesses (such as Disney+ and Hulu), making ESPN the premier digital sports platform, and strengthening theme park resorts' presence in East Asia. Mr. Iger has contributed to the company's growth and development by revitalizing Walt Disney Animation Studios and implementing brand strategies for each film studio.

Why wasn't it a hit? What is Disney's "culture war"?

I'm sure there are various opinions, but broadly speaking, the recent slump in Disney's productions can be said to be due to Disney not being able to produce the works that fans expect for various reasons. Recent trends show an obsession with legendary works such as Disney's hit film The Little Mermaid, Lucas Studios' Star Wars, and Pixar's Toy Story.

It's good to renew such a monumental work. However, because they are basically running out of ideas and have no beliefs, they were exposed to political pressure and creators' biases, resulting in content that viewers do not want.

👉 Black actor mermaid in the latest “The Little Mermaid”

👉Depiction of same-sex couples in Pixar's "Buzz Lightyear"

Pixar employees and their supporters have also filed whistle-blowing complaints about Disney's censorship of homosexual scenes, raising questions about how to balance a company's commitment to diversity with creative freedom of expression.

Disney is also strengthening its appeal to the LGBTQ community with its affiliated labels other than Pixar, such as Marvel and Lucasfilm. Tessa Thompson's character has admitted to being gay, and ``The Eternals'' also features a gay superhero as a major character.

George Lucas and Disney's Honeymoon

Sale of Lucasfilm

In 2012, George Lucas sold Lucasfilm, the company he founded, to Disney for approximately $4 billion, becoming Disney's major shareholder. After the sale of Lucasfilm, the Star Wars series took a new turn, with new movies and drama series including "Episode 7" being produced. Mr. Lucas is involved in these projects as a creative consultant but has retired from the front line of production.

Fan's Reviews of new Star Wars films

It seems that the core Star Wars fan base feels that the new works are detracting from the spirit and message of the original Star Wars. Iger also emphasizes this reaction. "We take it seriously but we don't overreact," he said, adding that "creative and business don't necessarily align."

origin of pixar

Pixar Animation Studios was originally founded in 1979 as part of George Lucas' Lucasfilm, and was acquired by Steve Jobs in 1986, becoming an independent company. Disney acquired Pixar for $7.4 billion and became a wholly owned subsidiary of Disney in 2006. They produced many hit works such as the "Toy Story" , "Finding Nemo" and "Monsters, Inc."

George Lucas said, ``Creating magic is not something amateurs can do,'' and expressed his full support for CEO Bob Iger. Disney is currently facing pressure from activist shareholders and board members and there is a dispute over the composition of the organization. With this declaration of support, Mr. Lucas has become a strong supporter of Mr. Iger, who carries the future of Disney, in steering the company from now on.