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11 August 2017, 05:28 | Silvia Roy
Disney is to pull all of its movies from Netflix and start its own streaming service in 2019 it has been revealed
Sky already has a multi-year deal with Disney for its major film releases like Frozen, which does not appear on Netflix.
Additionally, the service will feature a collection of library content, including Disney and Pixar movies and Disney Channel, Disney Junior and Disney XD television programming. "And we think that there's a broader marketplace for us to license into".
Revenue was flat versus a year ago at $14.2 billion as the growth at parks and resorts offset the declines at the studio and consumer products.
Disney has been talking about an ESPN-branded subscription service for a year now and the details the company provided Tuesday underscore just how cautious Iger is.
Investors were initially alarmed, with the stock falling as much as 4.7 percent.
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With 8.60 million avg volume, 7 days are for Energy Transfer Equity LP (NYSE:ETE)'s short sellers to cover ETE's short positions. The insider LYNCH PATRICK C bought 18,337 shares worth $300,543. 3,000 shares were sold by Peabody Mark Baker, worth $209,507.
"But those services won´t launch until next year (ESPN) or the year after, meaning that the company won´t see any meaningful positive impact until it´s seen several more quarters of declines in the ESPN business". Netflix is up 42 percent this year, compared with 11 percent for the S&P 500 Index. Their stable of family-friendly entertainment, coupled with mass-market comic book blockbusters is virtually unmatched by any other corporation in the world, and a dedicated ESPN version of the Netflix model would fill a void that now exists in sports entertainment. When the deal closes, Disney will own 75 percent of BAM Tech, up from the 33 percent stake it acquired for $1 billion as part of an agreement announced past year.
But the big news in the release wasn't about earnings, it was that Disney was going to remove its movies from Netflix, Inc.
Yet films still account for about 30% of Netflix viewing and help prevent existing customers from dropping the service. One will feature original movies and shows.
"Disney and Pixar movies are fantastic collections of entertainment content", Juenger said in his note.
"Netflix is very well entrenched especially since they are worldwide".
The new ESPN streaming service, by Iger's reckoning, offers an escape hatch as the traditional pay-TV bundle loses viewers to online upstarts.
Company's move comes with many U.S. television viewers abandoning expensive cable TV "bundles" in favor of on-demand online services like Netflix and Hulu. It's unclear how quickly Disney will expand into worldwide markets and until then Netflix will be able to focus on that subscriber growth, but this will certainly cut a big piece out of Netflix's pie and poses a formidable threat to the company's future earnings. That could be hugely attractive for families with young children in the U.S.
Disney will soon own 75 percent of BAMTech, which previously belonged to MLB Advanced Media.
None of those services have slowed Netflix. This week, the company announced plans for a series starring David Letterman, the popular late-night talk-show host. It's not meant to compete with the company's TV channels.
With such a large company like Disney, it's already expected that they will come up with their own streaming app.
"It would be very out of character for Disney to significantly reduce its commercial (and strategic) relationship with a party like Netflix, who Disney believes will continue to be a very important brand/service in the future of home video entertainment", Juenger wrote.
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TheStreet lowered shares of DineEquity from a "b-" rating to a "c" rating in a research note on Monday, March 20th. ILLEGAL ACTIVITY NOTICE: This piece was posted by Chaffey Breeze and is the sole property of of Chaffey Breeze.
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