iWorld
Disney emerges profit during first financial report in streaming business
Mumbai: Disney’s revenue for the quarter ending March 30 climbed to $22.1 billion compared to $21.8 billion in the corresponding period last year. Earnings per share for the quarter surged to $1.21 from 93 cents, exceeding analysts’ expectations of $1.02 per share on revenue of $20.53 billion.
The company celebrated its first-ever profit in the streaming business, with expectations set for the combined streaming businesses to be profitable by the fiscal fourth quarter, in line with guidance established in 2019.
The number of core Disney+ subscribers reached 117.6 million, while Hulu reported 50.2 million subscribers. However, paid subscribers for Disney+ Hotstar dropped to 36 million by 30 March 2024, from 38.3 million on 30 December 2023, with average monthly revenue per paid subscriber decreasing to $0.70 from $1.28 due to lower advertising revenue.
According to Q2 FY24 report, a 17 per cent decrease in operating loss at Star India was noted due to reduced programming and production costs attributed to the non-renewal of Board of Control for Cricket in India rights. However, this was partially offset by increased costs for Indian Premier League matches due to more matches aired compared to the previous year.
Disney+ Hotstar has been experiencing a decline in subscribers, losing 12.5 million paid subscribers in the third quarter ending on 1 July 2023, and an additional 2.8 million in November 2023.
The sports unit, ESPN, saw a two per cent revenue increase to $4.3 billion, while the experiences division, which includes theme parks and consumer products, reported a 10 per cent increase to $8.4 billion. However, there was a 17 per cent decline in sports revenue from Star Sports, reaching $105 million in Q2FY24 versus $127 million in Q2FY23.
The Walt Disney Company CEO Robert A.Iger expressed satisfaction with the strong performance in Q2, highlighting a 30 per cent increase in adjusted EPS(1) compared to the prior year. He said the positive outcomes of the growth initiatives set in motion the previous year, including highly anticipated theatrical releases, successful television shows, ESPN’s continued success, and strategic investments driving growth in the Experiences business.
iWorld
Epic Company launches unified Epic Studio for films and OTT
Vivek Krishnani to head films business; Samar Khan leads OTT & Television.
MUMBAI: Epic just merged its creative superheroes under one cape because when films and OTT need to fight for attention together, you don’t keep them in separate universes. The Epic Company has launched Epic Studio, a next-generation creative and production powerhouse that unites Juggernaut Productions and Movieverse Studio under a single banner. The move creates a streamlined, scalable platform for premium storytelling across theatrical films, OTT originals, television, digital-first formats and branded content.
Vivek Krishnani has been appointed chief executive officer, Epic Studio (Films), overseeing the theatrical and film business with a focus on culturally resonant narratives across Hindi, Telugu, Tamil, Gujarati and Malayalam cinema. Samar Khan continues as chief executive officer, Epic Studio (OTT & Television) and retains his role as chief content officer for Docubay and Epic On.
The Epic Company managing director Aditya Pittie said, “Epic Studio brings together our entire creative ecosystem under one unified studio vision. This is not just an integration of verticals, but the creation of a collaborative environment where writers, filmmakers, creators, and brand partners can seamlessly develop and scale stories across formats and screens.”
Vivek Krishnani added, “We are building an audience-focused mainstream film studio committed to delivering fresh, engaging, and innovative stories for both theatrical and streaming platforms.”
Samar Khan commented, “This alignment allows us to approach storytelling with a unified studio mindset. We are building IP under one creative umbrella, with scale and longevity in mind from inception.”
The unified structure eliminates silos, enabling ideas to flow fluidly from concept to screen while adapting to evolving audience behaviour. Epic Studio positions itself as a creator-led ecosystem championing purposeful, resonant storytelling with commercial strength.
In an entertainment landscape where stories now leap between screens faster than plot twists, Epic isn’t just building a studio, it’s crafting a single launchpad where every tale gets the best shot at soaring across every platform.
