admin On Thursday Walt Disney Co. reported fiscal fourth-quarter net income increased due to films like “The Lion King” and “Toy Story 4”.
Ended on Sept. 28 Disney’s net income for the three months is $1.05 billion.
For one-time adjustment, its net income totaled $1.07 per share but analysts had expected net income of 94 cents per share showing came as Disney faced costs related to its $71 billion purchase of Fox’s entertainment assets during the quarter.
Disney which is based in Burbank, California, shares in the rose more than 5% in after-hours trading following the earnings report.
Meanwhile with nearly matching analyst expectations of $19.18 billion, the company’s quarterly revenue rose 34% to $19.1 billion,.
With five content categories Disney Plus a month for $7 launching Marvel, Star Wars, Disney, Pixar, and National Geographic. It will also come with a new Star Wars original show “The Mandalorian,” and its animated classics like “Snow White and the Seven Dwarfs” , “Pinocchio”, and 30 seasons of “The Simpsons,”
Bob Iger, Disney CEO said “Disney Plus will have 620 movies, 10,000 TV episodes and numerous short features by its fifth year. It is targeting 60 million to 90 million subscribers by that time.”
He further added, “The test showed that those using it were not just kids and families — adults used it too. The ability to download without restriction and stream across four screens concurrently were popular features”
For Netherlands in September Disney tested Disney Plus for free without its original content.
On Thursday it was also announced that Amazon Fire, Samsung and LG will also offer the service It along with Apple, Google, Microsoft, Sony and Roku’s streaming-distribution platforms.
More companies like NBC, AT&T are quitting out streaming services as consumers dropping their subscriptions to cable and satellite TV. Its high time for the companies in finding the balance between investing heavily in the services and getting up enough subscribers and advertisers to offset those costs.
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