Disney on Wednesday reported a higher-than-expected profit for the final three months of last year as it struggles to adapt to the shift from television to streaming. During the earnings announcement, Disney CEO Bob Iger also revealed that the entertainment giant is acquiring a “small equity stake” in Epic Games, responsible for “Fortnite”, and will release a sequel to its animated film “Vaiana” (in addition to the live-action version that is in preparation). “Vaiana”” data-title=”Disney beats profit forecasts and announces Taylor Swift concert film for streaming – SAPO Mag”> “Vaiana” Iger also boasted that the Disney+ streaming service will be the 'online' stage exclusive to Taylor Swift's recent concert film starting March 15. “Audiences will love the opportunity to relive the electrifying 'The Eras Tour' whenever they want,” Iger said of the deal. ” data-title=”Disney exceeds profit forecasts and announces Taylor Swift concert film in streaming – SAPO Mag”> “The Eras Tour” Disney seeks to take advantage of the passion for video games in general and “Fortnite” in particular, acquiring a $1.5 billion stake in Epic, according to Iger. The plan is to integrate Disney's narrative into “Fortnite” and expand the saga to its theme parks and merchandising, Iger said on the earnings call. .The entertainment giant reported a net profit of $2.15 billion on revenue of $23.5 billion, approximately the same amount it brought in during the same quarter last year. “Our strong performance in the last quarter demonstrates that we have overcome the difficulties and entered a new era”, said Iger. He added that Disney is focused on “turning streaming into a profitable and growing business, reinvigorating our film studios and driving growth in our parks and experiences”. Earlier, ESPN (owned by Disney), Fox and Warner Bros. Discovery said they had reached an agreement on a new streaming platform for live sports content for the US only. The platform would combine the sports offerings of the three competing channels into a single product with content from the main US leagues and is scheduled to be launched later this year. The product is aimed at those who prefer to subscribe to streaming services instead of traditional cable TV packages. Consumers will be able to bundle the sports product with more streaming offers existing broad channels of Disney+, Hulu and Max (formerly HBO Max). “This initiative could bring a large audience to Disney, as it reaches families outside the pay TV ecosystem, while its linear channels continue to have a decreasing audience”, he said Third Bridge analyst Jamie Lumley.Disney has been under significant pressure since Iger left the company, only to emerge from semi-retirement more than a year ago when his successor performed below expectations.After his return , Iger pushed ahead with a containment campaign that saw big cuts in the luxury spending that made Disney+ take off. Since then, Disney has raised prices and cracked down on password sharing on the streaming service, efforts that appear to have paid off. Disney's direct to consumers, of which Disney+ is a part, lost a less-than-expected $138 million in the final quarter of last year, compared with a loss of $984 million 12 months earlier. But rival Netflix saw the number Subscriptions grow and profits soar, despite a crackdown on password sharing and higher prices. As he works to put Disney's streaming service on a profitable path, Iger tries to fend off campaigns from activist investors to win seats on the board. of the entertainment giant's board of directors at the annual shareholder meeting on April 3. “The last thing we need right now is to be distracted by an activist or activists who, frankly,… don't understand our company, its assets, nor even the essence of the Disney brand,” Iger said on CNBC. Blackwells Capital sent a letter on Tuesday asking for support for board candidates in order to have “the right set of brains” on the Disney board.
Disney beats profit forecasts and announces Taylor Swift concert film for streaming