That's a wrap!

He believes that by using AI, they will be able to provide sports fan a more personalized and sticky experience.

"If you are a sports fan, you have to have ESPN."

ESPN's approach to sports rights will continue to be selective.

They looked at their traditional media business. They will be reducing their investment in content, but will be managing the networks and streaming together.

He does believe there are opportunities to invest in content in select markets around the world.

They are not going to chase subscribers through discounting. They will be building the technology before they start trying to turbocharge growth.

Bob says they launched streaming as rookies, and now they know what they need to do to turn it into a growth business.

He says that a customized SportsCenter to your interests is coming soon.

In December every Disney+ subscriber will get a taste of ESPN while ESPN+ subscribers will get access to that content. When the direct-to-consumer ESPN launches, it will also be available to subscribers on Disney+.

Bob believes streaming should be a double digit margin business, but he declined to say by when.

As Disney's movie business faltered, the parks business became a bigger part of Disney's bottom line.

When Bob Iger became CEO the first time, it was making $500 million a year. Now it is bringing in over a billion a year.

Regarding competition from Epic Universe, Bob Iger cites what they have opened recently such as Galaxy's Edge, and Avatar. They will continue to invest in Orlando, but he doesn't think Universal's plan should be distracting to Disney.

They have developed 4 out of the 7 square miles of Shanghai Disneyland.

Shanghai Disneyland is the number one tourism destination in Shanghai

They won't be announcing everything they are planning over the next 10 years, as they want the flexibility to adjust their plans for years 7, 8, and 9.

DisneylandForward, the additional cruise ships, and Fantasy Springs are cited as growth opportunities.

All of their destinations are now profitable.

They are not concerned about growing the parks business, but they are realistic that continued double digit growth may not happen.

He says that a lot of adults without kids go on their cruises due to their connection to the brand and IP.

Bob does not believe that the demand for communal experiences will not wane.

Bob says that Disney received great returns at the parks due to investing in IP. They decided that nearly all experiences at the parks will be based on IP.

He says they are starting to invest in Moana experiences at the parks.

Bob says that when he came back, he discovered that they were not planning on investing enough in their Parks & Resorts business.

He says they are also looking into the cost of distributing through 3rd party app stores.

He also says their marketing spend is too much which is because they don't have the technology behind their recommendation engine.

Bob says that they know what they need to do to turn streaming into a growth business including increasing engagement and combatting password sharing.

In December, "ESPN-Lite" will be added to Disney+

He says that they have hit a nice rhytmn with Disney+ which has been helped with the integration of Hulu.

Bob Iger calls Netflix the gold standard.

Despite the reduction in content, you need to have enough engagement to lower churn rates.

Bob says that he is telling his team "Good isn't good enough. It has to be great."

Bob said that when Disney had a creative leader at the top, the company excelled.  He cited Walt and Michael as examples.

Bob says that they were trying to tell too many stories. They were spending more that resulted in volume and not quality.

Bob Iger says that previously the investments in technology were in creative, but now they also need to invest in the user experience.

Now Disney has three groups, Entertainment, Sports, and Experiences.

Bob Iger says that Disney needs to be a creativly led company.

He said Bob Chapek decided to move the accountability from the content side to the distribution side, which Bob Iger felt was a mistake.

They look back at the organization structure Bob Iger had before he left last time. He said they had a content group and a distribution group.

The Q&A session is starting between Bob Iger and Michael Nathanson