Disney World brings back annual park pass as Iger shakeup continues

Disney (DIS) is bringing back its Walt Disney World annual park passes after halting sales more than a year ago.

In a blog post on Thursday, the company said the Disney Incredi-Pass, Disney Sorcerer Pass and Disney Pirate Pass can be purchased online beginning April 20, although quantities will be limited.

The news is a welcome relief for Disney fans, who have been asking for the return of the passes after most of them were discontinued in November 2021. Currently, the only annual pass available for purchase is the Florida-resident Pixie Dust pass, which sells for a yearly fee of $399.

The annual passes, which range in fees from $749 to $1,399, come with previously announced perks like free digital photo downloads and the opportunity to visit the theme parks after 2 p.m. without a reservation (except on Saturdays and Sundays at Magic Kingdom).

Prior to those updates, customers had complained over lengthy wait times and sky-high ticket prices. Disney CEO Bob Iger had reportedly expressed concerns regarding significant price increases at the company's parks implemented by former CEO Bob Chapek.

The company has already revealed several projects in the works for this year, like the upcoming Moana-inspired Journey of Water exhibit at Epcot. Its newest attraction, TRON Lightcycle Run, opened Tuesday at Magic Kingdom.

Disney's parks business remains important to the company's bottom line, hence the need to keep customers happy. Last year, the business represented 65% of Disney's total segment operating income of $12.1 billion.

Thursday's announcement comes as Disney is shaking up other areas of the business following its annual meeting of shareholders on Monday.

At the meeting, Iger addressed several investor concerns like the company's ongoing battle with Florida Governor Ron DeSantis, in addition to the media giant's streaming-first media strategy.

"The core strategy of the company going forward from a media perspective would be and should be streaming," he said.

Late Wednesday, Disney announced key leadership changes within the streaming division, announcing Hulu president Joe Earley as the new president of direct-to-consumer for Disney Entertainment, effective immediately.

Earley succeeds Michael Paull, who will be exiting the company after six years. He will report to co-chairmen Alan Bergman and Dana Walden and oversee all direct-to-consumer initiatives for Disney's streaming services, including Disney+ and Hulu.

Disney's direct-to-consumer division shed a whopping $4 billion-plus in its fiscal 2022 ended on Oct. 1, after it spent an estimated $33 billion on content last year. On the company's latest earnings call, Iger revealed Disney+ was on track to achieve profitability by the end of fiscal 2024.

Elsewhere in the organization, Disney named Asad Ayaz as its first-ever chief brand officer on Thursday as the company looks to more carefully craft its image.

According to a press release, Ayaz "will be responsible for stewarding and elevating the Disney brand globally across the entire ecosystem of company touchpoints and consumer experiences."

The company has committed to sizable restructuring efforts in recent weeks, which include reorganizing the business into three separate units and laying off 7,000 workers in an effort to slash $5.5 billion in costs.

Alexandra Canal is a Senior Entertainment and Media Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at alexandra.canal@yahoofinance.com

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