Publish: 13 Oct 2020, 01:11 pm
Disney said Monday that it is reorganising its business divisions to concentrate even more on streaming.
The company said in August that its Disney Plus service has more than 60 million subscribers and its main streaming service combination – Disney Plus, ESPN Plus and Hulu – has a top 100 million subscribers. It is also preparing to launch another international streaming service called Star.
The coronavirus pandemic hit box office revenue by shutting several theaters. Disney also announced a variety of big streaming titles that would have usually played in theaters, such as the live remake of "Mulan" and the forthcoming Pixar movie "Soul" that will hit Disney Plus at Christmas. Americans continue to drop their cable subscriptions, impacting the television networks of the organisation.
The corporation is therefore developing three content arms, one for sports, general entertainment and its studios, with prominent brands like Star Wars and Marvel. Their primary focus will be on streaming shows and movies said Disney CEO Bob Chapek in a statement. In the meantime, a new distribution company will centralize how content is distributed and manage streaming operations.
Disney's are among the many new streaming services from tech and entertainment companies-such as NBC Universal's Peacock and Warner Media's HBO Max-that are challenging Netflix for consumer attention and money. Disney Plus is considered to be one of the most successful so far.
Disney shares rose 5.6% in after-market trading on the news.