Disney Plus sets date to end password sharing

Bob Iger, CEO of The Walt Disney Company, revealed plans to halt password sharing on Disney Plus beginning in June as part of efforts to increase subscriber numbers and drive profitability.

Highlighting the need for consolidation in the streaming industry, Iger expressed Disney's goal for "double-digit margins" in the business.

Iger's remarks came just a day after securing support from Disney investors, including activist investor Nelson Peltz, who has criticized the company's performance in the television broadcasting era. Peltz, reflecting on a proxy vote, said it was "a resolute and true approval of the board," showing the company takes shareholder concerns, like CEO succession, "very seriously."

Following Iger, Peltz expressed hope in Iger's commitment, joking, "If they do, you won't hear from me again."

Iger dismissed criticism from billionaire Elon Musk, who in November vented on social media platform X over antisemitic content concerns and subsequently attacked advertisers, including Disney, in a profanity-laced tirade, saying, "I'm ignoring it."

Netflix's recent restrictions on password sharing contributed to an approximate gain of 22 million subscribers in the second half of 2023, surpassing Wall Street expectations.

Disney is working on revitalizing its movie and television series, making its streaming unit profitable, and seeking partners to build a digital future for its sports network, ESPN.