Thursday 8 February 2024

Disney Boss Bets Big On Swift

Disney's chief executive, Bob Iger, has announced a series of moves which he hopes will bring "significant growth" to the entertainment giant. The plans include streaming an exclusive version of Taylor Swift's Eras Tour concert movie on Disney+. The firm will also invest $1.5bn (£1.2bn) in Epic Games, the maker of the hugely popular video game Fortnite. Disney has been under pressure from activist investor Nelson Peltz, who has called for a shakeup of the business. The US billionaire wants Disney to boost profits from its streaming business as well as improve the box office performance of its films. Last year, a number of Disney films, including those from its Marvel franchise, failed to ignite the global box office. In its results for the three months to 31 December, Disney said that its streaming service had shed 1.3 million subscribers following a price increase in October. However, Disney still expects its streaming business to reach profitability by September this year. The deal with Epic means gamers will be able to interact with Disney, Pixar, Marvel, Star Wars and Avatar characters.