Disney+ to get flood of new shows; launching in Singapore on Feb 23

Los Angeles

WALT Disney Co issued a bold forecast for its new streaming services, projecting a Netflix-like trajectory that could bring the company as many as 350 million subscribers worldwide by 2024, thanks to an onslaught of programming from Marvel, Star Wars and Pixar.

In a presentation to investors on Thursday, the world's largest entertainment company outlined plans for dozens of new movies and TV shows from those major brands, with an eye towards becoming a streaming behemoth in four years. The company expects its programme spending to reach US$14 billion to US$16 billion annually by then.

Disney+, the entertainment giant's flagship streaming platform, also is getting a price hike. The US monthly rate will climb US$1 to US$8 in a move that executives telegraphed earlier this year. In Europe, the price will rise 29 per cent to nine euros (S$15) a month, although there it is getting additional content aimed at adults.

The streaming service will also arrive in Singapore on Feb 23, 2021, carrying more than 500 films and 15,000 episodes. The Singapore offering will be priced at S$11.98 a month or S$119.98 a year. The city-state is the first market globally to launch Disney+ with all six content brands: Disney, Pixar, Marvel, Star Wars, National Geographic and Star.

Disney, like other Hollywood studios, is reorienting its film and TV business towards home entertainment, and has leapfrogged many competitors with its fast subscriber growth. Yet with its new subscriber goals - including hopes for as many as 260 million Disney+ customers - the company would surpass where industry pioneer Netflix is today.

Shares of Disney rose as much as 4.7 per cent to US$162 in extended trading. If that holds in trading on Friday, it would mark an all-time high for the stock, which has about doubled since March on the strength of the streaming business.

As part of the presentation, chief executive officer Bob Chapek said Disney+ has soared past 86.8 million subscribers in a little over a year. The company closed the last quarter with almost 74 million.

Disney executives, including new distribution head Kareem Daniel, outlined aggressive plans to stock the Disney+ service with new programming to keep the subscriber pipeline growing over the next few years. The Covid-19 pandemic forced many Hollywood studios to slow production this year.

Future plans include 10 series from the Marvel division, 10 Star Wars TV series, and another 15 programmes from Disney live action, Disney animation and Pixar.

The programming slate also includes feature-length films, such as the Disney animation picture Raya and the Last Dragon, which will debut on Disney+ at the same time as in theatres.

Mr Chapek said that 80 per cent of projects are now headed to streaming, rather than the big screen. But the company's biggest films will be saved for theatres exclusively at first. That includes movies such as Black Widow, a Marvel film slated for May.

While Disney is sending several films, including a live-action Pinocchio starring Tom Hanks, directly to its streaming service, theatres owners may breathe a sign of relief that many pictures - such as an upcoming Indiana Jones feature with Harrison Ford and a new Star Wars, which will be directed by Patty Jenkins - will still go cinemas. BLOOMBERG