Bob Iger Says This Streaming Platform Is The Gold Standard, Praises Rival For Cracking Down On Password Sharing: 'We're Heartened By The Results That Netflix Has Delivered'

Ananya Gairola

May 07, 2024

Walt Disney Co (NYSE:DIS) CEO Bob Iger announced a global crackdown on password-sharing, citing Netflix Inc (NASDAQ:NFLX) as the “gold standard” in terms of streaming.

What Happened: During the second quarter earnings conference call on Tuesday, Iger said that Disney plans to implement the new policy in select markets starting next month, with a global rollout scheduled for September. “We feel quite bullish about it,” he stated.

The move is expected to contribute to Disney’s future growth, Iger noted, citing Netflix’s success with a similar initiative.

“We’re heartened by the results that Netflix has delivered in their password-sharing initiative and believe that it will be one of the contributors to growth,” he said, adding, “I think it’s also important to note, Netflix is in many respects a gold standard when it comes to streaming.”

See Also: Bob Iger Started As A Nobody At ABC For $150 A Week And Rose To Become Disney CEO: 5 Lessons From His Incredible Journey That Can Help Advance Your Career

The Disney CEO went on to say that when it comes to programming, their offerings stand out. They boast an impressive array of high-quality content spanning ESPN, Disney+, and Hulu.

“What we’re building is the technology that Netflix has had in place and has been building for well over a decade to improve the business from a bottom-line perspective,” he stated.

Why It Matters: Disney’s decision to crack down on password sharing aligns with a broader industry trend, as streaming platforms like Netflix, YouTube, and Hulu have also implemented similar measures to curb password sharing.

In January earlier this year, Netflix expressed its satisfaction with the outcomes of its efforts to curb password-sharing, citing heightened engagement levels and a surge in new user registrations as a result. Netflix's co-CEO, Ted Sarandos said, “Our engagement is a bit impacted by our paid sharing. Think about it like fewer households using the same account.”

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Following Netflix’s first-quarter earnings report in April, Macquarie analyst Tim Nollen noted, “Netflix’s password-sharing crackdown on the heels of its ad tier launch helped drive nearly 30m sub adds in FY23.”

Meanwhile, Disney’s Q2 earnings showed a 1% year-on-year revenue growth to $22.08 billion, slightly below the $22.11 billion consensus. The company’s adjusted EPS of $1.21, however, exceeded the $1.09 consensus.

The earnings report also highlighted a 5% year-on-year decline in Entertainment revenue to $9.8 billion, a 2% year-on-year growth in Sports revenue to $4.3 billion, and a 10% year-on-year increase in Experiences revenue to $8.4 billion.

Photo Courtesy: Shutterstock.com

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Read Next: Elon Musk Is Astonished By Warren Buffett’s Berkshire Hathaway Amassing As Much Cash As Tesla CEO’s Wealth: ‘Wow’

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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