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皇冠博彩app(www.hg9988.vip):More US media stocks see worst decline in 30 years

时间:2周前   阅读:4

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Losses at Disney’s direct-to-consumer arm, driven by the Disney streaming service, more than doubled to US$1.47bil (RM6.9bil) in the company’s fiscal fourth quarter, due to higher programming expenses and the cost of rolling the service in new countries. – Reuters

NEW YORK: Walt Disney Co just suffered its worst one-day rout in 21 years.

Warner Bros Discovery Inc, Lions Gate Entertainment Corp, and AMC Entertainment Holdings Inc are all trading for less than US$10 (RM47).

Paramount Global – the home of MTV, CBS and Top Gun: Maverick – has lost half of its value this year.

In a matter of months, Hollywood’s feel-good streaming story has turned into a horror show.

Consumers are streaming more movies and shows, and watching less in theaters and on traditional channels.

To encourage the switch and attract subscribers, media companies are putting some of their best programmes online.

But the new services are losing boatloads of money, even as viewers drop traditional channels in droves.

Executives who promised a smooth transition to the digital era are getting punished by Wall Street, with media stocks headed toward their steepest annual loss since at least 1990.

“The media and entertainment industry is going though a major transition,” said Porter Bibb, a longtime investor and observer of the business.

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“They’ve entered the tunnel, and nobody knows where they’re going to come out.”

The shift is evident in the number of consumers cancelling their pay-TV subscriptions.

Cable-TV giants Comcast Corp and Charter Communications Inc together lost almost 800,000 TV subscribers last quarter.

At that pace, it will mean millions of fewer customers to help pay for MTV, CNN and ESPN.The one bright light this quarter was Netflix Inc, whose subscriber loss in the first half of the year prompted a reevaluation of the industry’s business models and stock values.

The streaming industry pioneer reported a better-than-expected 2.41 million new subscribers last quarter. Its shares are still down 57% this year.

Losses at Disney’s direct-to-consumer arm, driven by the Disney+ streaming service, more than doubled to US$1.47bil (RM6.9bil) in the company’s fiscal fourth quarter, due to higher programming expenses and the cost of rolling the service in new countries.

Weakness in cable-television advertising revenue also hurt the company’s performance, as it has for other media giants.

Disney finished the day down 13%, the biggest one-day loss since Sept 17, 2001, when trading resumed after the Sept 11 terrorist attacks.

The losses in media stocks aren’t all Hollywood entertainment companies.

The biggest loser in the S&P 500 Media & Entertainment Index this year is Facebook parent Meta Platforms Inc, which gets nearly all of its revenue from advertising.

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