Disney’s CEO, Bob Iger, has revealed a series of strategic moves aimed at driving growth for the entertainment giant. One of the plans involves streaming an exclusive version of Taylor Swift’s Eras Tour concert movie on Disney+. Additionally, Disney will invest $1.5 billion in Epic Games, the creator of the popular video game Fortnite. This partnership will allow gamers to interact with beloved Disney, Pixar, Marvel, Star Wars, and Avatar characters. Mr. Iger stated that this move represents Disney’s largest entry into the gaming world and presents significant opportunities for expansion.
These announcements come shortly after Disney announced a joint venture with rivals Fox and Warner Bros. Discovery to launch a new sports streaming platform. The three media giants collectively own a wide range of sports rights, including major events like the FIFA World Cup and Formula 1.
In its earnings report, Disney revealed that its Disney+ streaming service lost 1.3 million subscribers following a price increase in October. However, the company still expects the streaming business to become profitable by September of this year. Disney reported $23.5 billion in revenue for the three months ending in December, which was relatively unchanged from the same period the previous year.
Mr. Iger also announced plans to repurchase $3 billion worth of shares from investors. This move comes in response to pressure from activist investor Nelson Peltz, who has called for changes within Disney to boost profits from its streaming business and improve box office performance.
Following these announcements, Disney’s shares rose by over 6% in extended trading in New York. Mr. Iger previously served as Disney’s CEO for 15 years before retiring at the end of 2021 but returned to the company less than a year later due to declining share prices and ongoing losses from Disney+.
In other news, Disney is currently facing a lawsuit from actress Gina Carano, who was fired in 2021 over a controversial social media post. The lawsuit is being funded by Elon Musk, who has called on others to join the suit on his platform X (formerly known as Twitter).
Related Topics: Disney, Taylor Swift, Fortnite
