Disney (NYSE: DIS) plans to spend at least $1 billion annually in the UK, Europe, the Middle East, and Africa over the next five years to produce movies and TV shows, a company spokesperson told Reuters on Friday.
The company will commit the amount across films, Disney+, National Geographic, and other TV productions, the spokesperson added in an emailed statement.
Disney’s plans could build on the recent success of films like “Inside Out 2” and the company’s television business.
“Inside Out 2” notched $1.6 billion in global ticket sales and “Deadpool & Wolverine,” which debuted in the current quarter, has brought in more than $850 million.
The plans were first reported by the Financial Times citing the company’s Europe chief, Jan Koeppen. “We feel like we’re really on a roll again with movies, which is fantastic,” Koeppen told FT.
Earlier this week, Disney (NYSE: DIS) forecast “moderation in demand” at its theme park business in the coming quarters, pulling shares down 1.1% on Wednesday.
According to the company’s website, Disney’s EMEA business spans over 130 markets across the region commercially and operationally. The firm’s EMEA offerings include Disney+, motion pictures, television, content licensing, and local original productions, the website showed.
(Source: Reuters)
Kevin Putnam is a financial journalist and editor based in New York. He specializes in editing news and analysis related to U.S. stock market.
