Disney execs promise sustainable profits; Netflix looks to live sports; and more
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“Peak losses are behind us” was one of the not-so-rosy encomiums issued by Disney Chief Financial Officer Christine McCarthy as the company sought to control the narrative created by quarterly earnings well below analysts’ expectations.?
Disney?did?add 12 million subscribers to its all-important Disney+ streaming service for the period. That’s likely much more important, long term, than one off quarter.?Still, Disney shares slumped as much as 9% in after-hours trading as investors processed the news, seeming to express alarm at the tradeoff of financial challenge for subscriber growth, a dynamic that has walloped the stocks of Netflix and other streaming players in recent months.
“Direct-to-consumer results should improve going forward as we lay the foundation for a sustainably profitable business model,”?said McCarthy, promising the division’s results should improve by at least $200 million in the next quarter. Q2 of fiscal 2023 is likely to be even better than that, the exec predicted, based in large part on price increases in the U.S., which take effect next month.
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With Amazon launching its pricey Thursday Night Football operation and?Apple’s recent partnership with Major League Soccer?Netflix is in a stealthy sprint to catch up, even as many top-tier leagues are locked up.?Netflix Co-CEO Reed Hastings pointed to the likelihood of the NFL’s Sunday Ticket package migrating to streaming from its longtime home on DirecTV as the next bellwether. After that, the exec reasoned, “you’ll start to see a bunch of people focus on sports and bringing that over to on-demand.”
Until then, it’s LIV Golf on line 1, Mr. Hastings.
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Disney/Marvel’s Black Panther: Wakanda Forever begins overseas rollout today and lands in North America on Friday (previews begin there on Thursday). Anticipation is high for the sequel to Ryan Coogler’s triple-Oscar-winning, $1.3 billion worldwide-grossing 2018 original, and hopes are pinned on it to get turnstiles spinning around the globe. The film is eyeing a worldwide start in the $355 million-$365 million range.?That would make it the third-biggest debut of the pandemic.
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