Finance

Disney Will Boost Investment in Disney Plus Through 2024, Focusing on Global Content Expansion

Disney CEO Bob Chapek told investors Wednesday that the company is increasing its multibillion-dollar spending on content for Disney Plus as it adds more local and regional content for worldwide audiences. Last December, Disney projected it would spend between $8 billion-$9 billion on content for its premiere streaming service in its fiscal year 2024, and Chapek said that amount would now rise.

Source: Disney Will Boost Investment in Disney Plus Through 2024, Focusing on Global Content Expansion

Disney Streaming Sees Slower Growth as Consumers Venture Out of the House

The world’s largest entertainment company posted a significant slowdown in subscriber sign-ups at its flagship streaming service in the most recent quarter, ending two years of strong growth that had helped the company survive Covid-19 and expand its media dominance into the home.

Source: Disney Streaming Sees Slower Growth as Consumers Venture Out of the House

Session Musicians Win Greenlight for $8M Royalty Settlement With AFM, SAG-AFTRA

A group of roughly 30,000 session musicians have won tentative approval of an $8 million settlement to resolve a class action that accused the American Federation of Musicians (AFM) and SAG-AFTRA of charging an improper “service fee” on streaming royalty payments.

Source: Session Musicians Win Greenlight for $8M Royalty Fee Settlement With AFM, SAG-AFTRA

Video Streamers Record 19% Uptick In Subscription Revenue

Soaring U.S. streaming consumer subscription revenue is up 19% to $18.5 billion through the first nine months of 2021 versus a year ago, according to Digital Entertainment Group. Streaming revenues is the only home entertainment consumer spending category to show gains this year, as physical and digital sales and rentals of movie and TV content — including video-on-demand — have declined.

Source: Television News Daily: Home Entertainment Rise: Streamers Record 19% Uptick In Subscription Revenue

Congress Passes $1.2 Trillion Infrastructure Bill, Paving Way for Extra Crypto Taxes in U.S. 

The bill, which passed Congress with a final vote of 228–206, signals a historic moment for crypto in the United States. In drafting the legislation, senators inserted a provision that changes the Internal Revenue Service’s definition of a “broker” to include organizations that trade crypto assets. Brokers will have to file 1099 forms disclosing the names and addresses of their customers.

Source: Congress Passes $1.2 Trillion Infrastructure Bill, Paving Way for Extra Crypto Taxes in U.S. – Decrypt

Book-Industry Insiders Back the Biden Administration’s Bid to Stop a Publishing Mega-Merger

The Department of Justice’s attempt to halt Penguin Random House’s acquisition of Simon & Schuster finds support within an industry already burned by bad trends. “Obviously every agent is thrilled that the wheels might be grinding to a halt on this,” one insider says.

Source: “Too Late to Stand Up Against Amazon”: Book-Industry Insiders Back the Biden Administration’s Bid to Stop a Publishing Mega-Merger

Amazon-owned Audible rolls out unlimited subscription in 6th market

The concern for publishers should be that at some point Amazon will simply shift all its markets to the unlimited subscription model, because at the end of the day Amazon makes its money by pleasing the consumer, not the supplier.

Source: Amazon-owned Audible rolls out unlimited subscription in 6th market, India… and counting – The New Publishing Standard

Afterparty Raises $3 Million To Build NFT Minting, Virtual Events For Content Creators 

Afterparty, a platform aiming to give digital content creators the ability to mint and sell their own NFTs, then offer “token gated” virtual events for The Los Angeles-based company launched in beta in August 2021, and is the brainchild of former Disney exec David Fields.

Source: Afterparty Raises $3 Million To Build NFT Minting, Virtual Events For Content Creators – Tubefilter

News Corp Profit Surges on Gains in Real Estate, Book Publishing, News Media

On a call to discuss the company’s results, Chief Executive Robert Thomson touted content licensing payments from tech giants including Google parent Alphabet Inc. and Meta Platforms Inc.—as Facebook recently rebranded itself—which he said would “contribute annual revenues in the nine figures.”

Source: News Corp Profit Surges on Gains in Real Estate, Book Publishing, News Media

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