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Disney Shares Hit Record on Forecast of Streaming Surge
- Company forecasts Netflix-like trajectory for online outlets
- Disney plans to spend up to $16 billion annually on content
Walt Disney Co. shares hit an all-time high after it issued a bold forecast for its new streaming services, projecting a Netflix-like trajectory that could bring the company as many as 350 million subscribers worldwide by 2024 thanks to an onslaught of programming from Marvel, Star Wars and Pixar.
In a presentation to investors Thursday, the world’s largest entertainment company outlined plans for dozens of new movies and TV shows from those major brands, with an eye toward becoming a streaming behemoth in four years. The company expects its program spending to reach $14 billion to $16 billion annually by then.