ESPN Launching Its Own Streaming Service For $4.99 A Month

08 February, 2018, 13:17 | Author: Angelina Schmidt
  • Bob Iger chairman and CEO of the Walt Disney Company

Chief Executive Officer Robert Iger doled out more tidbits Tuesday about the ESPN streaming service he's introducing in the next few months, including its price: a relatively modest $4.99 a month.

Hulu, of which Disney owns 30 percent, brought in revenue of $50 million in the quarter, less than half the year-earlier level of $119 million.

Walt Disney's first-quarter profit beat expectations as more visitors to its theme parks made up for lack of growth at the media and entertainment company's other businesses.

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Disney CEO Bob Iger spoke to investors on the Quarter 1 earnings call, where he addressed the acquisition of 20th Century Fox (among other properties), how the deal is progressing, and what the next steps are.

BAMTech, which Disney has invested billions of dollars in, and runs streaming for HBO, MLB, WWE (WWE - Free Report), will power this new service.

Adjusted EPS does not include a $1.6 billion benefit related to recent changes in US tax law and certain other one-time items.

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Increased attendance was seen at global parks, with Shanghai Disney Resort receiving between 65,000 and 68,000 visitors on one day in October, Disney CEO Bob Iger said in a conference call with investors. That may not bode well either for the Han Solo spinoff due this May or for the two new trilogies in the works - the latest, announced on Tuesday, to be written by the creators of "Game of Thrones".

Following a 3% decline in its Media Networks business in Q4, Disney's Media Networks revenue was flat for Q1 at US$6.2 billion. And they want you to pay $4.99 per month for it. Analysts on average had expected revenue of $15.46 billion. The company's Cable Networks unit, which ESPN accounts for a large portion of, did climb 1% year-over-year, but operating income fell 1%, thanks in part to declines at ESPN. Cable accounted for 72 percent of Disney's TV revenues, or $4.49 billion. "With this service having massive amounts of sports content, it's the ideal foray into streaming in our opinion with Disney's standalone service coming down the pike slated for 2019, with the Fox acquisition and Hulu ownership making the company a legitimate streaming player". It's broader, direct-to-consumer streaming service, meanwhile, is set to be available some time in 2019. It can be noted that Disney bought a majority stake in BANTech for $1.58 billion in 2017.

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