News Worms
News Worms


Disney plans to spend $1B on theme parks after profit falls

Disney plans to spend $1B on theme parks after profit falls

To attract more subscribers, Disney would also develop an original Marvel series exclusively for its streaming service, notes CBR.

Disney chairman-CEO Bob Iger announced the "Star Wars" news during the company's quarterly earnings call. "That is in part reflective of the fact it'll have less volume".

This week, Disney CEO also announced that they plan on making sure their streaming service is "substantially below" the current price of Netflix, which now sits at a $10.99 a month price point for USA subscribers, and will likely increase in the coming years.

Disney's new film and SVOD announcements come as the company's media networks business continues to struggle, declining 3% in fourth quarter revenue to US$5.5 billion.

Earlier Thursday, Disney-owned Lucasfilm announced that Rian Johnson, writer/director of the Star Wars: The Last Jedi (in theaters December 15), will create a new Star Wars movie trilogy.

The Disney streaming platform is expected to launch in 2019.

"No other company in entertainment today is better equipped to meet the challenges of the changing world or better positioned for continued growth thanks to our collection of brands, our strong franchises and our unique ability to leverage IP across our entire company to maximize value and create new opportunities", Iger said.

We don't yet know how much Disney's planning to charge; all we know for now is that we'll be getting curated content at a price that undercuts Netflix. Its most popular plan, which allows high-definition video streaming on two devices at a time, costs $10.99 a month.

In addition to the new Star Wars series, Iger also revealed that other live-action series based on Marvel shows, a new "Monsters Inc." show and "High School the Musical" show will be airing on Disney streaming service. As Disney adds more content to its service after 2019, the CEO said, the price could increase.

Production recently wrapped on a film based on the story of Han Solo, who was played by actor Harrison Ford in the original trilogy as well as in 2015's "The Force Awakens", according to Disney executives. The shares are down 1.5 percent this year after a flat 2016, the worst back-to-back years since 2007-2008. Netflix has five shows (Daredevil, Jessica Jones, Luke Cage, Iron Fist, The Punisher) and the Defenders miniseries. This new service will feature a way to only showcase Disney branded content.

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