On Monday, Walt Disney reported that the company had restructured its entertainment and media business arms to boost growth in streaming services as customers bend towards online shows and movies.
With this move, the company will segregate its production and development of distribution & programming to meet and understand consumer demands better. Walt Disney share prices surged around 5% to trade at $130.76 in the after-hours market.
Disney launched its streaming service, Disney+, in November last year and has established a user base of more than 100 million globally, exceeding its own target. The firm’s streaming services include Disney+, Hulu, and ESPN+. In comparison, the online streaming market leader, Netflix, has a user base of around 193 million, however, took more than 13 years to reach here.
Theme park & media firm, Disney, is about to hold an investor meeting on 10th December to offer detailed information about the strategy.