Walt Disney Co.’s entertainment kingdom is about to get a whole lot bigger thanks to its pending purchase of 21st Century Fox assets, and the rest of Hollywood has only just begun to grapple with the consequences of the company’s increasing power.
Anxiety has been tempered by the belief that Disney will avoid extracting terms so draconian that they draw the notice of regulators. Some exhibitors argue that they will benefit from Disney having a greater share of the box office, because the company has a strong track record of producing popular entertainment. Theaters should make up ground lost on box office by generating more revenue from concessions.
But privately, industry executives caution against wishful thinking. Some theaters worry that the number of movies released theatrically will shrink dramatically once the Fox deal closes. Disney focuses almost exclusively on expensive productions that draw huge global audiences, and Fox’s more mid-level films may be scrapped.Then there’s the looming specter of Disney+, which will feature original Disney content that bypasses theaters.
“These guys are and have been an IP [intellectual property] juggernaut,” said Rick Kay, head of MUFG’s Media, Telecom & Sports Finance practice."Now you’ve got greater capabilities, greater breadth, wider talent pool and even bigger libraries in Disney’s hands. This will help feed their offerings and be attraction points for subscribers."
But Netflix executives insist they’re not worried. The company recently said it faces more screen-time competition from online video game “Fortnite” than other streaming services.
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