Loads has modified at Disney throughout the two years since returning CEO Bob Iger stepped down—however he reassured workers on the firm on Monday that “our Disney world remains to be spinning.”

Talking at a City Corridor occasion for Disney workers, Iger mentioned the corporate would shift gear when it got here to its streaming enterprise—which incorporates Disney+, ESPN+ and Hulu—and make profitability the highest precedence.

“As a substitute of chasing subscriptions with aggressive advertising and aggressive spending on content material, we’ve got to begin chasing profitability,” he mentioned, in feedback reported by Reuters. “As a way to obtain that we’ve got to take a really, very arduous have a look at our price construction throughout our companies.”

Iger’s return to the helm of the entertainment giant, which noticed former CEO Bob Chapek ousted, got here days after Disney revealed a $1.5 billion loss in its streaming division for its fourth quarter—greater than double the loss recorded a yr earlier.

On the again of the disappointing fiscal outcomes earlier this month, Chapek introduced cost-cutting measures that included plans for job cuts and a hiring freeze.

Requested in regards to the hiring freeze, Iger mentioned it “felt prefer it was a smart factor to do.”

“In the mean time, I don’t have any plans to vary it,” he mentioned.

Below Chapek, Disney invested billions into its streaming platforms, drastically growing spending on authentic content material as a part of its progress technique. That technique helped Disney construct up a subscriber base to rival Netflix, however the firm warned when it revealed its fourth quarter earnings that streaming growth could soon begin to fade, and streaming losses have been on Disney shareholders’ radar over the previous yr.

The corporate will launch a less expensive, ad-supported Disney+ subscription within the U.S. in December in a bid to spice up subscriber numbers and income by means of promoting—which it hopes will assist put the corporate’s streaming enterprise on the trail to profitability.

Analyst Brendan Brady told the Wall Street Journal on Monday that the “3 ways to chase profitability listed below are to chop prices, elevate costs, and add subscribers.”

Earlier this yr, former CEO Chapek said that even contemplating Disney’s plans to hike subscription costs on its flagship streaming platform, Disney+ was “method underpriced.” The service is often cheaper than what it prices for a subscription at rival platforms like HBO Max and Netflix.

In a nod to the hit Broadway musical “Hamilton,” Iger instructed Disney staffers on Monday: “The established order is gone, quite a bit has modified, however the solar remains to be shining and our world, our Disney world, remains to be spinning”—a paraphrase of the tune “What’d I Miss?”

Disney shares closed round 3% decrease on Monday, however edged barely larger in pre-market commerce on Tuesday morning. The corporate’s inventory has misplaced virtually 40% of its worth because the starting of the yr.

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