February 27, 2024

Brighton Journal

Complete News World

Disney: CEO Bob Iger is betting on Fortnite and Taylor Swift

Disney: CEO Bob Iger is betting on Fortnite and Taylor Swift
  • Written by Mariko Aoi
  • Business reporter

Image source, Getty Images

Comment on the photo,

Fortnite is one of the most popular video games in the world

Disney CEO Bob Iger has announced a series of moves that he hopes will bring “significant growth” to the entertainment giant.

Plans include streaming an exclusive clip from the concert film of Taylor Swift's Eras Tour on Disney+.

The company will also invest $1.5bn (£1.2bn) in Epic Games, the maker of the popular video game Fortnite.

The deal means players will be able to interact with Disney, Pixar, Marvel, Star Wars and Avatar characters.

Together, the three US media giants own a wide range of sports rights including the FIFA World Cup, Formula 1, the National Football League, the National Basketball Association and Major League Baseball.

The company said in its earnings report that its Disney+ streaming service lost 1.3 million subscribers after a price increase last October.

Disney also said it still expects its streaming business to reach profitability by September of this year.

During the three months between October and December, Disney reported revenue of $23.5 billion, which was little changed from the same period last year.

Iger also announced plans to buy back $3 billion worth of shares from investors.

The company has come under pressure from activist investor Nelson Peltz.

The American billionaire called for radical changes at Disney to boost its profits from its streaming business and improve the box office performance of its films.

Disney shares rose more than 6% in extended trading in New York following the announcements.

Separately, Disney is facing a lawsuit from actress Gina Carano, who was fired in 2021 over a social media post in which she compared being a Republican to being Jewish during the Holocaust.

The lawsuit is being funded by Elon Musk, who put out an open invitation on his platform X, formerly known as Twitter, for others to join the lawsuit.

See also  Panchayat S2 review: Neena Gupta thrives as Jitendra Kumar's Sachiv Ji settles in Phulera