DIS Shareholders and Stock Info ONLY

https://www.hollywoodreporter.com/t...rs-work-during-writers-strike-wga-1235480879/

Studios Demand Showrunners Work During Writers Strike

Letters to striking writer-producers from studios including those owned by Warner Bros. and Disney state that they must perform non-writing duties and may be obligated to act against their guild's own mandates.

By Lesley Goldberg, Katie Kilkenny
May 5, 2023 1:06pm PDT

Disney and Warner Bros. Discovery this week sent out a letter to showrunners employed by the companies’ various studios reminding striking writer-producers that they are still expected to perform their contractually obligated non-writing services.

The letter from the legal department of ABC Signature, owned by Disney, reads: “We want specifically to reiterate to you as a showrunner or other writer-producer that you are not excused from performing your duties as a showrunner and/or producer on your series as a result of the WGA strike. Your personal services agreement with [the] Studio requires that you perform your showrunner and/or producing duties even if the WGA attempts to fine you for performing such services during the strike,” wrote Bob McPhail, the assistant chief counsel for the Disney-owned ABC Signature, in the letter sent to showrunners and obtained by The Hollywood Reporter. “Your duties as a showrunner and/or producer are not excused, suspended or terminated until and unless you are so notified in writing by the Studio.”

The letter is dated May 3, which was the second day of the Writers Guild of America’s strike against members of the Alliance of Motion Picture and Television Producers, which represents studios and streamers. Writers have hit the picket lines in Los Angeles and New York this week as they seek increased wage floors, viewership transparency from streamers, and protections against mini-rooms and the use of artificial intelligence.

A similar letter sent by Max (formerly HBO Max) on May 2 said to WGA members who also serve in producer capacities, “HBO/HBO Max respects your membership in the WGA, and will not do anything to place you in jeopardy of violating WGA rules. However, we believe certain services, such as participating in the casting process and/or contributing to non-writing production and post-production work are clear examples of non-WGA required services that should continue to be rendered during this time.”

The memo added, “The WGA cannot prohibit you from rendering producing services pursuant to your personal services agreement as long as you are providing non-writing services.”

The Disney letter (read it in full, below) features a Q&A informing showrunners that they are “required” to perform duties that are not in line with the guidance provided by the WGA to its around 11,500 striking members.

The memo specifically states that in showrunner and/or writer-producer roles, “you may, along with other non-writing services, be required to perform services commonly referred to as ‘a. thorough h.’ services as a producer,” such as cutting for time, small changes to dialogue or narration made before or during production and “changes in technical or stage directions.” These are duties that, according to the WGA’s contract, non-writers can perform on covered projects.

However, the WGA strike rules explicitly prohibit union members from performing these activities during the 2023 work stoppage. “The Rules prohibit hyphenates (members who are employed in dual capacities) from performing any writing services, including the ‘(a) through (h)’ functions,” the rules state, which puts showrunners and writer-producers in a difficult position, caught between the dictates of their employers and their union.

“A lot of it sounds … wrong? A-H duties are specifically outlined by the guild as things you cannot do,” said one longtime showrunner of the Disney memo. This person did not receive that memo, as they do not have a deal with Disney. “But legally, I’m sure there’s a lot of tussling over this stuff. Long story short, this doc is fooling no writer. It’s just odd because it’s written almost as though we were trying to organize a company that wasn’t already unionized. Like, we’re all already in the union, man.”

In a statement to THR on Friday, the WGA noted that “(a) through (h)” services are “specifically defined in the Guild contract as writing services” and that they are “struck work that Guild members are prohibited from doing during a work stoppage.” The guild added, “It is shameful that Disney, which has grown its business on unionized labor, is resorting to familiar union-busting tactics.”

The Max letter, in specifying that the company believes “certain services” during casting, production and postproduction are “non-WGA required services,” also potentially opens showrunners up to being caught between their guild’s mandated ban on “(a) through (h)” functions and the company’s expectations.

The Max letter further argues that showrunners should come to work, despite the guild’s insistence that “no members should cross a WGA picket line or enter the premises of a struck company for any purpose.” The Max communication calls this dictate “misleading,” as the WGA cannot discipline writer-producers for performing non-writing services only: “HBO/HBO Max expects you to continue to come to work to perform non-writing duties under your contract during a WGA Strike unless and until those services are formally suspended or terminated,” it states.
 
This is why there's no pressure on the companies to settle the writer's strike. Lots of folks are going to lose their jobs strike or no, and now that all can be blamed on the strike instead of management.
IMO all companies are spending way too much on content in hopes that someday streaming will be profitable. I don't think it ever will unless they raise the prices. If they do that you're pretty much back to what having cable cost.
 
https://www.marketbeat.com/instant-alerts/nyse-dis-analyst-earnings-estimates-2023-05-05/

Zacks Research Equities Analysts Lower Earnings Estimates for The Walt Disney Company (NYSE:DIS)
Sat., May 6, 2023 | MarketBeat

The Walt Disney Company (NYSE:DIS - Get Rating) - Research analysts at Zacks Research reduced their Q2 2023 earnings estimates for shares of Walt Disney in a research note issued to investors on Wednesday, May 3rd. Zacks Research analyst A. Ganguly now expects that the entertainment giant will post earnings per share of $0.87 for the quarter, down from their prior forecast of $0.90. The consensus estimate for Walt Disney's current full-year earnings is $4.01 per share. Zacks Research also issued estimates for Walt Disney's Q3 2023 earnings at $0.97 EPS, Q4 2023 earnings at $0.70 EPS, FY2023 earnings at $3.53 EPS, Q1 2024 earnings at $1.13 EPS, Q2 2024 earnings at $1.17 EPS, Q4 2024 earnings at $1.26 EPS and FY2024 earnings at $4.82 EPS.

Walt Disney (NYSE:DIS - Get Rating) last announced its quarterly earnings results on Wednesday, February 8th. The entertainment giant reported $0.99 EPS for the quarter, beating the consensus estimate of $0.69 by $0.30. Walt Disney had a return on equity of 6.72% and a net margin of 3.93%. The firm had revenue of $23.51 billion for the quarter, compared to analyst estimates of $23.29 billion. During the same quarter last year, the firm posted $1.06 earnings per share. The business's revenue for the quarter was up 7.8% on a year-over-year basis.

DIS has been the topic of several other research reports. Citigroup cut their target price on Walt Disney from $145.00 to $130.00 and set a "buy" rating on the stock in a research note on Monday, February 13th. Wells Fargo & Company increased their target price on shares of Walt Disney from $141.00 to $147.00 in a research report on Monday, April 24th. Loop Capital lifted their price target on shares of Walt Disney from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, February 9th. Macquarie raised their price objective on Walt Disney from $110.00 to $122.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 31st. Finally, Rosenblatt Securities upped their target price on Walt Disney from $120.00 to $129.00 and gave the company a "buy" rating in a research report on Thursday, February 9th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, Walt Disney currently has an average rating of "Moderate Buy" and an average target price of $128.65.

NYSE DIS opened at $97.45 on Friday. The company has a market cap of $178.02 billion, a PE ratio of 53.54, a P/E/G ratio of 2.12 and a beta of 1.29. Walt Disney has a 52-week low of $84.07 and a 52-week high of $126.48. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.93 and a current ratio of 0.99. The firm's 50 day moving average price is $98.20 and its 200-day moving average price is $98.47.

Hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Walt Disney by 9.5% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,330,583 shares of the entertainment giant's stock worth $125,514,000 after buying an additional 115,862 shares during the period. BlackDiamond Wealth Management Inc. lifted its position in shares of Walt Disney by 4.9% during the fourth quarter. BlackDiamond Wealth Management Inc. now owns 2,918 shares of the entertainment giant's stock worth $279,000 after purchasing an additional 137 shares in the last quarter. Wafra Inc. purchased a new position in shares of Walt Disney in the fourth quarter valued at approximately $36,192,000. Cohen Investment Advisors LLC grew its holdings in shares of Walt Disney by 2.6% in the fourth quarter. Cohen Investment Advisors LLC now owns 17,282 shares of the entertainment giant's stock valued at $1,501,000 after purchasing an additional 445 shares in the last quarter. Finally, Galvin Gaustad & Stein LLC increased its stake in Walt Disney by 4.4% during the 3rd quarter. Galvin Gaustad & Stein LLC now owns 237,877 shares of the entertainment giant's stock worth $22,439,000 after buying an additional 10,123 shares during the period. Hedge funds and other institutional investors own 62.22% of the company's stock.

In other news, EVP Brent Woodford sold 1,139 shares of Walt Disney stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $95.21, for a total transaction of $108,444.19. Following the sale, the executive vice president now owns 30,283 shares of the company's stock, valued at approximately $2,883,244.43. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 3,423 shares of company stock valued at $339,801 in the last 90 days. Company insiders own 0.10% of the company's stock.
 
https://deadline.com/2023/05/guardi...al-china-international-box-office-1235356048/

‘Guardians Of The Galaxy Vol. 3’ Rockets To $282M Global Opening – International Box Office
By Nancy Tartaglione
International Box Office Editor/Senior Contributor
May 7, 2023 8:40am PDT

SUNDAY UPDATE, Refresh for latest…: Disney/Marvel’s Guardians of the Galaxy Vol. 3 has rocketed to an estimated $282.1M global opening. This beats projections which were cautious given uncertainty in Asian markets, particularly China and Korea. Ultimately, they overperformed at $28.1M and $13.6M, respectively. The international box office weekend was $168.1M in 52 material markets.

The overseas launch is 70% ahead of the first Guardians of the Galaxy and on par with Guardians of the Galaxy Vol. 2 (which had the benefit of May Day holiday playtime in many markets) on a like-for-like basis. Removing China from the comparison, the opening weekend for the threequel is 98% ahead of GOTG and 13% above GOTG2.

All regions, in the end, came in higher than expected. Strong word of mouth helped propel the James Gunn-directed movie. It debuted as the No. 1 non-local title in all markets save Japan (where The Super Mario Bros Movie was tops), Saudi Arabia (John Wick: Chapter 4) and Egypt (Evil Dead Rise).

GOTG3 bowed above the previous instalment in several markets including Italy, Spain, Australia, Japan, Korea, Brazil and Mexico. As we noted earlier (see below), China gave it the highest social scores of any MCU release.

The Top 5 markets at open are China ($28.1M), UK ($14.7M), Korea ($13.6M), Mexico ($13M) and France ($8.2M).

In IMAX, GOTG3 grossed $25M from 1,550 screens in 82 markets to set the biggest global score of 2023 for the format and the 3rd highest for Marvel since Avengers Endgame. Overseas repped $14.3M.

As for the continuing mastodon that is Ilumination/Nintendo/Universal’s The Super Mario Bros Movie, well it did another $50.3M in 79 offshore markets. That lifts overseas to $637.2M and worldwide to $1.155B. Globally, it is now the No. 5 biggest animated film ever and Uni’s 2nd biggest.
 

https://www.cnbc.com/2023/05/08/walt-disney-world-nixes-reservations-adds-back-dining-plans.html

Disney nixes reservation requirements at Florida parks, adds back dining plans
Published Mon, May 8 2023 - 2:00 PM EDT
Sarah Whitten@sarahwhit10

Key Points
  • Prompted by guest feedback, Disney is no longer requiring reservations for date-based tickets at its Walt Disney World Resort in Orlando, Florida.
  • The company is also reinstating its dining plans for hotel guests and extending early park hours through 2024.
  • Disney plans to address concerns with its Genie and Genie+ itinerary programs, which were launched during the pandemic.
Changes are coming to the Walt Disney World Resort in Orlando, Florida.

Prompted by guest feedback, Disney is updating some park policies to better accommodate both local and out-of-town visitors, the company said Monday.

To start, Disney World will remove theme park reservation requirements for its date-based tickets beginning Jan. 9, 2024. This reverses a pandemic-era policy which required guests to plan visits before arriving at the parks by going through a two-step process, which included purchasing a ticket and then selecting a reservation date.

Now, there will be only one step: purchase a ticket for a specific date.

Annual passholders will be required to make reservations for most visits. However, Disney plans to roll out “good-to-go days,” which won’t require park reservations.

The change is in addition to the recently adopted rule that passholders can visit any of Disney’s Orlando-based theme parks after 2 p.m. without a reservation. The only exclusion is admission to Magic Kingdom on Saturdays and Sundays.
Disney’s most recent string of operational updates are part of its wider strategy to reduce friction points for guests. The company’s theme park division is one of the most lucrative segments of its overall business, and its success is driven by strong customer experiences.

The House of Mouse looks for ways to improve the guest experience, through new rides and attractions, better food options, magical moments with characters or updates to its resorts. The company aims to adapt to customer feedback — including concerns from some guests that the park reservation system was confusing or inconvenient.

As part of the changes announced Monday, Disney also said it is bringing back dining plans for those staying at its resort hotels after Jan. 9, 2024. Disney also announced that it is extending its early theme park entry for hotel guests through 2024.

The company said Monday that it could make more changes moving forward. Disney is looking to address concerns with its Genie and Genie+ itinerary programs, which were launched during the pandemic.

These digital offerings were designed to optimize guest experiences in the parks, allowing them to schedule their days more effectively, with access to estimated wait times and restaurant reservations. Coupled with Lightning Lane, guests also have the option to pay for a shorter wait for Disney’s top attractions.

Currently, guests can only access their Genie and Genie+ itineraries the day of their visit. Disney said it is working on ways for guests to make selections before their visit, so they can spend less time planning and more time enjoying the park.
 
https://finance.yahoo.com/news/disney-parks-forefront-igers-return-150236004.html
Disney parks at the forefront after Iger's return
MICHELLE CHAPMAN
Mon, May 8, 2023 at 11:02 AM EDT

It's been six months since Bob Iger canceled his retirement and stepped back into the top role at Disney to right a number of perceived wrongs under his handpicked successor, with one hovering right near the top: reconnecting with the Disney theme park die-hards and restoring their faith in the brand.

Among his first acts as returning chief executive, Iger walked the Disneyland and California Adventure parks in Anaheim, California with Josh D’Amaro, chairman of Disney parks, experiences, and products. And there was Iger at Disney World in Orlando, Florida, Disneyland Paris and Tokyo Disney Resort, talking to guests and cast members alike and taking a personal interest in new projects that are underway.

When Iger rejoined Disney as CEO in November, taking over control of the company from Bob Chapek, it was met with great fanfare by park loyalists who openly criticized Chapek on social media throughout his tenure.

The perception among many fans is that Chapek had a “business first, customer last” mentality. Rising prices and reduced services rankled Disney devotees who felt that “the magic is gone.”

Shortly after Iger's return, changes were rolling out at U.S. parks. Disney would no longer charge for overnight self-parking at its Walt Disney World resorts. Walt Disney World annual passholders would be able to visit the theme parks after 2 p.m. without a reservation (with some exceptions). There would also be free digital downloads of photos on rides for guests using Disney's Genie+ planning and ride reservation service.

Character meet-and-greets have been ramped up again and new Disney characters being added. The annual pass at Disney World is back.

“I think that in our zeal to grow profits, we may have been a little bit too aggressive about some of our (theme park) pricing. And I think there is a way to continue to grow that business, but be smarter about how we price so that we maintain that brand value of accessibility,” Iger said during the Morgan Stanley Technology, Media & Telecom conference in March.

Keeping all of Disney's faithful happy at its parks will always be a big ask, said Brandon Nispel, a senior equity analyst at KeyBanc.

Even lowering ticket prices is not a universal win. Some will cheer cheaper entry, while others will complain about the big crowds that less expensive tickets bring with them.

“They’re going to always frustrate half the people, half the time,” Nispel said.

And then there's Disney's ongoing battle with the governor of Florida.

Iger's has attempted to protect Disney World's theme park district from a takeover by Governor Ron DeSantis. Disney sued DeSantis in late April, alleging the governor waged a “targeted campaign of government retaliation” after the company opposed a law critics call “ Don’t Say Gay.” Disney's legal filing is the latest salvo in a more than year-old feud between the company and DeSantis.

Keeping politics at bay and upping the energy at parks is crucial to Disney at a time when its profit and revenue growth have slowed and profit margins at parks softened. By early November 2022, shortly before Chapek departed, Disney's stock had dropped about 50% from a year earlier.

Solid growth at Disney parks helped to offset tepid video streaming and movies performances during the company's first quarter. Sales at its parks, experiences and products segment grew 21% in the period, while revenue for the segment that includes Disney’s movie business only edged up 1%.

Parks are the most critical business Disney has from my perspective,” Nispel said.

The amount of money the parks generate keeps all eyes on the operations, especially Iger's.

“We're listening to guest feedback and we're continuously working to improve the quality and value of their experience,” Iger said during Disney's most recent earnings call.

And those improvements will continue into next year, with Disney announcing on Monday that some big updates are in store for Walt Disney World, including the return of Disney dining plans and offering some days that annual passholders and Disney cast members can visit Walt Disney World theme parks without needing a park reservation.

Disney dining plans will return as an option for guests staying at Disney Resort hotels who buy a vacation package with arrivals starting in early January. Guests will be able to choose from the Disney Quick Service Dining Plan and the Disney Dining Plan.

Theme park reservations will no longer be required for date-based tickets, also beginning on Jan. 9, 2024. Date-based tickets are the standard ticket option for guests. Non-dated tickets and other admission types may still require park reservations.

Disney said it will also continue to offer early theme park entry to Disney resort guests for visits through next year and is working on ways for park goers to be able to plan with its Genie+ service and individual Lightning Lane selections before the day of their park visit.

Watching with rising interest along with parkgoers are investors, who saw the company’s shares tumble during Chapek’s last year. Walt Disney Co. will post second quarter earnings results on Wednesday.

On Monday, shares of Disney, based in Burbank, California, rose nearly 3%
 
https://www.latimes.com/entertainme...08/writers-strike-netflix-wga-hollywood-labor

Hollywood is calling it 'the Netflix strike.' Here's why - Los Angeles Times
Anousha Sakoui, Wendy Lee, Meg James
5/8/23

Netflix is one of the entertainment industry’s power centers — and its change agent.

So much so that the streaming giant also has become an avatar of anxiety for Hollywood writers who are entering the second week of a historic strike that has no end in sight.

Some in the 11,500-member Writers Guild of America have focused their frustration on the streaming company. In the industry, some are dubbing this year’s labor action “the Netflix strike.”

“Netflix in a lot of ways has upended the business model, and broken it in fundamental ways,” Jaclyn Moore, an executive producer and writer for “Queer as Folk” on Peacock and “Dear White People” on Netflix, said Monday from the picket line near Netflix’s sleek Sunset Boulevard offices.

Moore was joined by hundreds of WGA writers who demonstrated outside Netflix’s offices to protest for better pay and working conditions. They cited tensions and changes to the business, which they say have been exacerbated by the streaming revolution that Netflix kicked off.

Those changes, writers’ argue, have made it harder to support a family in Los Angeles while writing on shows for guild minimums. The boisterous crowd included pregnant women, parents with children carrying signs saying “daycare is expensive,” and the guild’s WGA chief negotiator, Ellen Stutzman, who pushed her child in a stroller along the picket line.

“Streaming is the problem,” said writer Janet Lin, who worked on the first season of Netflix’s hit “Bridgerton,” one of television’s most beloved shows during the pandemic.

Netflix helped change the way people watch TV shows and movies by giving consumers what they wanted — on-demand viewing instead of having to wait for the latest episode, and with an option that was cheaper than the pay-TV bundle.

The company did so while delivering hits such as “Squid Game,” “Bridgerton,” and “Tiger King,” spending about $17 billion a year on programming and becoming one of Hollywood’s most important employers.

The downside for many writers was that it changed the way they were compensated and how shows were made, in ways that they argue now threaten their livelihoods.

“They changed the model, for a lot of good,” said Stephanie Hicks, a WGA member since 2016 who has worked on ABC’s “Castle” and “The Rookie: Feds.” “There’s so much more content available worldwide. But you have to pay the content creators.”

Netflix co-Chief Executive Ted Sarandos said in a recent earnings presentation that the company’s deep library of shows and movies will help it withstand a strike in the near term. However, production of several Netflix shows have been disrupted including “Stranger Things,” according to its creators, the Duffer brothers. “Cobra Kai” and “Unstable” were also shut down.

The Los Gatos, Calif., company adopted shorter TV seasons with fewer episodes, assembled smaller writers rooms for shorter periods of time and paid artists upfront rather than with a staggered “back end,” which would be lucrative when a show played in syndication or when a movie hit cable TV.

Many of those practices have been embraced by the legacy media companies including Walt Disney Co., Amazon Studios and WarnerMedia (now Warner Bros. Discovery), which launched streaming services to compete with Netflix.
“They’ve been responsible for a lot of innovations and disruptive practices that, for the most part, have been embraced by the creative community, but the business part is now catching up,” said Tom Nunan, a former studio and TV network executive.

Netflix didn’t invent many of these changes roiling the industry.

Several of the trends — including the use of television seasons with fewer than 22 episodes — were underway before its streaming service electrified the business. HBO’s “The Sopranos,” “Sex and the City,” and FX’s “Nip/Tuck” all had shorter seasons.

Even though Netflix didn’t necessarily cause all the writers’ problems, the company helped make certain practices commonplace, said Evan Shapiro, a former NBCUniversal executive who now runs his own company.

“They are that brass ring that everyone chased, only to find that it was made out of tin,” Shapiro said. “They’re not alone in it, but they definitely started it.”

The Alliance of Motion Picture and Television Producers, the organization that represents the media companies, said the rise of subscription video-on-demand has created more opportunities for writers to work on a TV series because so many more shows are getting made.

Writers also get paid residuals after the first season, while the syndication model hinged on a show running at least four seasons. During the last contract, the studios agreed to boost the residual rates, which has led to more residuals being paid. The value of residuals has increased 28.1% from 2016 to 2021, from $385.4 million to $493.6 million, according to WGA data.

One of the ways that Netflix disrupted Hollywood was by making it a common practice for the streamer to greenlight a series based on a script, rather than on a pilot episode. Although Netflix wasn’t the first — AMC Networks based their pick-up decisions on scripts, not pilots, since about 2015 — it has accelerated the trend.

“That’s a very appealing proposition for most show writers, because they’re not having to go for the audition process of a pilot,” Nunan said. “That made Netflix stand out and it really disrupted the business. Many other companies followed suit after that.”

On the other hand, Netflix originals would live exclusively on its platform, cutting out the traditional syndication market that delivered hefty paydays for creatives on successful shows.

“There’s a price to pay for that,” Nunan said. “There’s a residual price to pay. And that’s what the strike is largely about.”
One of the most contentious developments among writers is a new mode of work popularized by streamers.
Streaming services hired small groups of writers to flesh out a series before going into production. Those small groups, called mini-rooms, have been criticized by the WGA for eroding writer pay. Some writers spend weeks, if not months, writing three to six episodes of a show that doesn’t get picked up.

While working on the traditional 22-episode broadcast series, writers could be employed for nearly 10 months a year. Now, the new “typical” employment for lower- and mid-level writers on a streaming series is 20 to 24 weeks, or only 14 weeks if the room is convened without a series order, the WGA said in a recent report.

Most of Netflix’s writers’ rooms last for 20 weeks, according to a Netflix spokesperson.

Another issue for writers is how having hands-on experience working on a show throughout the creative process — often from the pilot pickup to filming individual episodes — has gone away.

Geetika Lizardi, who worked as a writer on her first show, NBC’s “Outsourced” in 2010, was employed about nine months of the year, working through production and post production and learning about the editing process. But on streaming shows, jobs span about 20 weeks.

“You can’t sustain a living,” said Lizardi, who has been working on the yet-to-be-released Season 3 of Netflix’s “Bridgerton.” “It’s hard enough to get one job. And you need more like two or three to survive.”

Studio executives acknowledge shortcomings to the current method because fewer writers are around during the production of a show. The problem is the industry is losing its time-honored pipeline to train showrunners.

Moore, the showrunner, also said streaming companies do not provide detailed viewership data, making it difficult for writers to know whether they are being paid adequately. The lack of data reduces negotiating power for creators when their show is a hit.

“What used to be public information, how was your show doing” is no longer available, Moore said. “The tech industry came in and made that information a black box.”

One of the proposals the WGA tried to introduce was making residuals payments based on viewership. But the AMPTP rejected the proposal.

Netflix pointed to how it shares data publicly on its most popular shows and movies and success metrics with showrunners and directors. Netflix’s top 10 page indicates the amount of hours watched on its most popular programs, which is more data than other streamers such as Amazon’s Prime Video share.

Many in the industry want to see even more data disclosed.

“It’s really hard to negotiate the value of the product you create, if you don’t have the information about how successful or not successful that product is,” Moore said. “Instead, [you] just have to listen to a tech company to tell you to trust them.”
 
https://deadline.com/2023/05/guardi...al-china-international-box-office-1235356048/

‘Guardians Of The Galaxy Vol. 3’ Rockets To $282M Global Opening – International Box Office
By Nancy Tartaglione
International Box Office Editor/Senior Contributor
May 7, 2023 8:40am PDT

SUNDAY UPDATE, Refresh for latest…: Disney/Marvel’s Guardians of the Galaxy Vol. 3 has rocketed to an estimated $282.1M global opening. This beats projections which were cautious given uncertainty in Asian markets, particularly China and Korea. Ultimately, they overperformed at $28.1M and $13.6M, respectively. The international box office weekend was $168.1M in 52 material markets.

The overseas launch is 70% ahead of the first Guardians of the Galaxy and on par with Guardians of the Galaxy Vol. 2 (which had the benefit of May Day holiday playtime in many markets) on a like-for-like basis. Removing China from the comparison, the opening weekend for the threequel is 98% ahead of GOTG and 13% above GOTG2.

All regions, in the end, came in higher than expected. Strong word of mouth helped propel the James Gunn-directed movie. It debuted as the No. 1 non-local title in all markets save Japan (where The Super Mario Bros Movie was tops), Saudi Arabia (John Wick: Chapter 4) and Egypt (Evil Dead Rise).

GOTG3 bowed above the previous instalment in several markets including Italy, Spain, Australia, Japan, Korea, Brazil and Mexico. As we noted earlier (see below), China gave it the highest social scores of any MCU release.

The Top 5 markets at open are China ($28.1M), UK ($14.7M), Korea ($13.6M), Mexico ($13M) and France ($8.2M).

In IMAX, GOTG3 grossed $25M from 1,550 screens in 82 markets to set the biggest global score of 2023 for the format and the 3rd highest for Marvel since Avengers Endgame. Overseas repped $14.3M.

As for the continuing mastodon that is Ilumination/Nintendo/Universal’s The Super Mario Bros Movie, well it did another $50.3M in 79 offshore markets. That lifts overseas to $637.2M and worldwide to $1.155B. Globally, it is now the No. 5 biggest animated film ever and Uni’s 2nd biggest.
Domestically, Guardian's Vol 3 hit $118.4m for the opening weekend. This makes it the 16th best opening weekend of the MCU franchise.

For context, the MCU average and median opening weekend's for the previous 31 movies:
$135,917,670 Average
$117,027,503 Median

So, there is a massive skew at the top end of the MCU (i.e. All the Avengers movies).

The bigger story of the Covid/Post Covid MCU movies are the lack of legs they had after opening weekend. I am very interested to see how next weekend goes.
I feel like this movie should have longer legs (total box office divided by opening weekend) than Dr. Strange (2.19) or Ant-man (2.01) but who knows. The MCU median to date has been a 2.66 ratio of total box office vs. opening.
 
https://www.usnews.com/news/top-new...dd-slowing-growth-to-his-turnaround-checklist

Disney's Iger May Have to Add Slowing Growth to His Turnaround Checklist
5/9/23 - 2:01 PM EDT

(Reuters) - Walt Disney Co's quarterly revenue growth is expected to hit its lowest in nearly two years, underlining the hurdles that Chief Executive Bob Iger faces in revitalizing a company that is now caught in what could be a long strike by Hollywood writers.

The results, slated for Wednesday, will mark the first full quarter since Iger returned in November to kick off an overhaul that has seen the company outline 7,000 job cuts, lower theme park ticket prices and prioritize streaming profitability.

"Disney continues to face big challenges despite deflecting its second activist investor revolt in less than six months," said Insider Intelligence analyst Paul Verna, referring to a board seat tussle that Nelson Peltz called off in February.

Disney is also embroiled in a legal fight with Florida Governor Ron DeSantis over state efforts to control Disney World.
Last week, DeSantis signed a bill into law that gives a new board he controls the power to void development agreements its predecessor body signed with Disney.

The Hollywood writers' strike has added to the uncertainty, though analysts said streaming services are "best positioned" during the strike as many of them have a stockpile of content.

"A roughly 90-day strike would enable many companies to reduce content spend for a quarter and clean up their books in the short term," Brandon Katz of Parrot Analytics said.

"Yet on a long enough timeline, the slowdown of new content would likely lead to an increase in (subscriber) churn at a time when every major media player is striving for streaming profitability."

The media and entertainment giant's Disney+ streaming service is expected to add a net 1.3 million subscribers in the second quarter, compared with additions of 7.9 million a year ago, according to Visible Alpha.

"Star Wars" spin-off "The Mandalorian" was Disney+'s most in-demand series both in the U.S. and worldwide during the quarter, according to data provider Parrot Analytics.

The streaming unit's operating loss is expected to widen to about $750 million from a loss of nearly $670 million a year earlier.

The losses will likely be cushioned by a strong showing for Disney's parks, experiences and products unit, where
revenue is set to jump 14%, while operating profit for the division is likely to rise 20%.

Overall revenue for Disney is expected to rise 7.5% from $20.27 billion a year earlier, according to Refinitiv data, when there was a $1 billion revenue reduction due to an early contract license termination.

That would mark the slowest growth since the second quarter of 2021, as the company's cable business also takes a hit from an ad market slowdown.
 
Disney+ lost subs due to attrition from India and the Disney+ Hotstar service. 4.6M from that and 300,000 domestic subs lost.
 
Down 2.5% currently. Results were inline but WS is probably focused on loss of subs. Surprised Disney did not prepare WS for that drop.
 
Down 2.5% currently. Results were inline but WS is probably focused on loss of subs. Surprised Disney did not prepare WS for that drop.
Maybe they hoped the 20% increase in revenue per domestic subscriber would alleviate concerns over the subscriber drop, especially since the drop was primarily the cheaper Disney+Hotstar, or the diminished losses attributed to streaming vs what some of the expectations were.
 
Bob beginning the call with a congratulatory remark towards Comcast/Universal for the Super Mario movie probably not on anybody’s bingo card.
 
$DIS will feel the pain for the remainder of FY23 but things should be turned around by the end of FY24. That was my take away based on the way the numbers were talked about.
 
Iger and McCarthy very very bullish on Ad business for the streaming side with the new all-in-one Disney+ app.
 
Iger's Pixie Dust sprinkle ain't working,

https://finance.yahoo.com/quote/DIS?p=DIS

96.60 -4.54 (-4.49%)
After hours: 5:28PM EDT
We will not really know for around 18-24months if all these changes and re-structuring worked. It was not a super positive call. Very much focused on the cost cutting. There is light at the end of the tunnel but we are still very much in the tunnel in terms of the stock showing any promise.

Also zero mention about the dividend. I assume announcing any future spending or that the dividend is a back, is a bad look when you are handing out 5500 pink slips.
 












Save Up to 30% on Rooms at Walt Disney World!

Save up to 30% on rooms at select Disney Resorts Collection hotels when you stay 5 consecutive nights or longer in late summer and early fall. Plus, enjoy other savings for shorter stays.This offer is valid for stays most nights from August 1 to October 11, 2025.
CLICK HERE













DIS Facebook DIS youtube DIS Instagram DIS Pinterest

Back
Top