In order to hit lofty subscriber goals, Disney+ needs “more content for more people,” said former Walt Disney CEO Bob Iger.
Parent company Disney reiterated its goal of reaching 230 million to 260 million Disney+ subscribers by 2024 during its fiscal fourth-quarter earnings report in November. At that time, the company said it had a total of 118.1 million subscribers.
“There’s guidance out there that the company has provided that I’m neither going to update or comment too much on,” Iger said an interview with CNBC’s David Faber on “Squawk on the Street” Tuesday. “Obviously, the company has expressed confidence in its ability to achieve the guidance that it has out there.”
Disney+ got a boost during the early days of the coronavirus pandemic, as consumers were stuck at home and desperate for entertainment. However, growth has slowed in recent months as more people returned to outside activities and to work in offices.
The streaming service boasts a vast catalog of family friendly content, including classic Disney and Pixar animated features. It also has must-see series tied to the Marvel Cinematic Universe, including “Loki” and “Hawkeye” as well as the Star Wars series “The Mandalorian” and the upcoming “The Book of Boba Fett,” but its library doesn’t have as many new entrants as rival platforms like Netflix.
“I think [Disney+] needs more volume,” Iger said. “And there probably needs to be more dimensionality, meaning, basically, more programming or more content for more people, different demographics. But, [CEO Bob Chapek] is aware of that and is addressing those issues.”
Already, Disney has worked with top musicians like Taylor Swift and Billie Eilish to bring unique and exclusive content to the streaming service. Most recently, it launched “The Beatles: Get Back,” a documentary series directed and produced by Peter Jackson that follows the making of The Beatles’ 1970 album “Let It Be.”
This diversified content can bring in consumers that Disney isn’t already servicing with its family-friendly Pixar and Disney Animation content, its vast collection of library titles or its new franchise-based series.
Disney’s stock closed Monday at $146.47, down 1.5%. Since the start of the year, Disney shares have fallen 19%, putting its market value at $266.23 billion.
Tune into CNBC throughout the day to see more of David Faber’s interview with Bob Iger.