Media giant, Disney, has revealed its plan to increase its streaming content budget to $33 billion over its next fiscal year. This will mark an $8 billion increase from its previous budget of $25 billion. The budgeted amount stands out when compared to other streaming companies such as Netflix which spent almost $14 billion on content in 2021. This significant funding boost can be attributed to the company’s increased investment in sports and streaming content as well as expectedly expensive sports streaming rights–this includes its renewed NFL agreement and new NHL deal.
In its annual report, which was filed with the SEC, on Wednesday afternoon, the company explained:
“The increase is driven by higher spend to support our DTC expansion and generally assumes no significant disruptions to production due to COVID-19.”
This revelation comes after Disney experienced slow growth in its most recent quarter across its streaming platforms. The company only gained 2.1 million subscribers this past quarter making it the lowest-performing quarter–in terms of subscribers–since its launch. However, it is not all bad news for the company; its streaming site, Disney+ has gained nearly 120 million subscribers worldwide and is quickly joining the ranks of streaming titans alongside companies like Netflix and Amazon Prime.
Beyond the budget increase, the annual report also revealed the company’s plans for the upcoming year. This includes plans to release 50 new movies–both theatrical and streaming-wise–under its Disney Studios umbrella, which includes Lucasfilm, Marvel Studios, Pixar, Twentieth Century Studios, and Walt Disney Pictures.
60 unscripted series, 30 comedy series, 25 drama series, 15 docuseries/limited series, 10 animated series, and 5 made-for-TV movies are also under works at its General Entertainment division. The company’s expansive General Entertainment banner includes ABC and Disney TV studios, FX Productions, and National Geographic.
With 2022 just around the corner, it will be compelling to see how Disney’s boosted budget will influence its content goals.