Saturday, 20 January, 2018

Disney Streaming Service Will Cost 'Substantially' Less Than Netflix

High School Musical 2 Disney Streaming Service Will Cost 'Substantially' Less Than Netflix
Melba Vasquez | 10 November, 2017, 14:10

Disney and other media companies are battling "cord cutting" as viewers defect to streaming video services such as Netflix Inc (NFLX.O) and Amazon.com Inc's (AMZN.O) Prime.

A deal with Fox would help Disney bring additional programming it could use to lure larger audiences and add significantly to its content library, especially as it plans to start providing its own streaming services.

"We look forward to launching our first direct-to-consumer streaming service in the new year, an awe will continue to invest for the future and take the smart risks required to deliver shareholder value", Iger said in a statement. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share. This compares to the year-ago quarter when its earned $1.10 per share on revenue of $13.14 billion.

The earnings report comes as reports that Disney is considering acquiring some of Fox's entertainment assets.

Walt Disney Co reported lower-than expected quarterly revenue and profit on Thursday, dragged down by a poor performance at its cable business, including a drop in subscribers at ESPN.

The Burbank, California-based company said it had net income of $1.13 per share.

Broadcast income was down 15% to $229 million, as revenue fell11% to $1.514 billion. Revenue were down 3% to $5,465 billion.

Shares of Disney rose prior to the closing bell on Thursday but are roughly flat for the year, even as Wall Street in general has been in rally mode.

Iger also said he was pleased to announce having signed Rian Johnson, director of upcoming film Star Wars: The Last Jedi, to develop what sounds like yet another trilogy of Star Wars-canon films, presumably after the current wave of films and stand-alones wanes in 2020.

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