Disney, the world’s largest entertainment company, has revealed its latest moves to boost its growth and success in the future. The company will stream an exclusive version of Taylor Swift’s concert film on its streaming service Disney+, and invest in the video game developer Epic Games, which is behind the hit game Fortnite.
Streaming Taylor Swift’s Eras Tour on Disney+
One of the highlights of Disney’s announcements is that it will stream an exclusive cut of Taylor Swift’s Eras Tour concert movie on Disney+. The concert film, which was released in theaters last October, features the pop star performing songs from her six albums, from her debut to her latest release, Lover. The film also includes behind-the-scenes footage and interviews with Swift and her fans.
The concert film was a huge success at the box office, earning $261 million worldwide and becoming the highest-grossing concert film of all time. Disney will stream the film on its platform from March 15th, giving its subscribers the opportunity to watch the film anytime and anywhere. Disney’s CEO Bob Iger said that the film will appeal to Swift’s loyal and passionate fan base, as well as to new audiences who appreciate her music and talent.
Investing in Epic Games and Fortnite
Another major move by Disney is that it will invest $1.5 billion in Epic Games, the video game developer that created Fortnite, one of the most popular and influential games in the world. Fortnite is a multiplayer online game that allows players to create and explore virtual worlds, as well as to compete and cooperate with other players. The game has more than 250 million players worldwide and has generated billions of dollars in revenue.
Disney’s investment will give it a stake in Epic Games, as well as access to its technology and expertise. Disney will also integrate its own characters and franchises, such as Marvel, Star Wars, and Avatar, into Fortnite, creating new and immersive experiences for gamers. In addition, Disney will leverage Fortnite’s popularity and reach to promote its own products and services, such as its movies, shows, and theme parks.
Disney’s Financial Performance and Outlook
Disney’s announcements come as the company reported its financial results for the last quarter of 2023. The company posted revenue of $23.5 billion, which was flat compared to the same period last year. However, the company’s profit was $2.15 billion, which was higher than expected and up 8% from a year ago. The company attributed its profit growth to its improved operational efficiency and profitability across its segments.
The company also reduced its losses from its streaming platforms, such as Disney+, Hulu, and ESPN+. The company’s streaming platforms lost $138 million in the last quarter, which was significantly lower than the $984 million loss in the same quarter last year. The company said that it expects its streaming platforms to reach profitability by September this year, as it continues to add subscribers and content.
The company also announced that it will buy back $3 billion worth of its shares from investors, as a way to return value to its shareholders and to boost its stock price. The company’s stock rose by 6% after the announcements, reaching a 52-week high of $16.45.