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Disney CEO Bob Iger Reveals New Details About Upcoming Streaming Service

Disney CEO Bob Iger Reveals New Details About Upcoming Streaming Service

Disney will also be producing original content for the yet-to-be-named streaming service, including Star Wars TV shows and even some live-action remakes.

"We have the luxury of programming this product with programs from (Disney) brands... or derived from those brands, which obviously creates a demand and gives us the ability to not be in the volume, but be in the quality game", Iger said. Disney is awaiting regulatory approval overseas.

Iger, on a post-earnings webcast, said growth of smaller channel bundles delivered online had helped make up for customers dumping larger cable packages. Up until now, after a film hit theaters, it came to digital, then Blu-ray/DVD, and finally streaming services like Netflix. Netflix plans range from $8 to $14 (approximately Rs. 960) a month.

Beginning with Captain Marvel, all Marvel Studios films will begin streaming on Disney's upcoming streaming service, following their respective theatrical runs, according to the New York Times.

While it might be a bit frustrating to some as this trend of launching exclusive streaming services seems to be gaining steam (as opposed to the old way of having big outlets like Netflix, Hulu, and Amazon Prime be the home for everything), with the amount of the entertainment world that Disney owns, this streaming service is basically a must-have for everyone. Fox Searchlight, which received 20 Academy Award nominations past year and won best picture for "The Shape of Water", will also be given additional resources, Iger said.

In the fiscal third quarter, Disney's net income rose 23 percent to $2.92 billion (around Rs. 20,000 crores), or $1.95 (about Rs. 133) per share, from $2.37 billion (roughly Rs. 16,300 crores), or $1.51 (around Rs. 104) per share, a year ago.

Total revenue rose 7 percent to $15.23 billion, but missed analysts' average forecast of $15.34 billion.

Disney's movie studio enjoyed blockbuster success with "Avengers: Infinity War" and "The Incredibles 2". Disney's television networks also saw gains, including at ESPN, despite the higher National Basketball Association costs and lower advertising revenue.

Disney raised its offer for the assets in June from $52.4bn to $71.3bn and also for the first time made an alternative available to Fox shareholders who would rather receive cash instead of Disney shares.