TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Disney is hiking the price of all of its streaming services.
Category
🥇
SportsTranscript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Wall Street is in recovery mode, helped by the latest
00:07round of corporate earnings.
00:09E-commerce platform Shopify posted a better than expected
00:1221% jump in second quarter revenue.
00:15Lyft topped sales forecasts.
00:17And for the first time in the company's history,
00:19it posted a net profit.
00:22And speaking of auspicious milestones,
00:24Walt Disney's streaming service is
00:26profitable for the first time since launching
00:29Disney Plus back in 2019.
00:32The Disney streaming bundle, which
00:33includes Disney Plus, Hulu, and ESPN Plus,
00:37saw a quarterly operating profit of $47 million.
00:41In a statement from CEO Bob Iger's executive team,
00:44quote, the combination of exceptional content
00:47and a broad brand portfolio is the key to our success
00:51as we build streaming into a profitable growth
00:53business for the company over the long term.
00:55We were pleased to see our combined streaming
00:57business profitable in the third quarter,
01:00ahead of our guidance, and we remain
01:02on track for that profitability to improve in Q4.
01:06Disney says its streaming business
01:07is benefiting from a positive overflow from its film
01:10business.
01:11It says it saw a spike in new subscribers
01:14eager to catch up before sequels or new installments
01:16in a franchise hit the big screen.
01:18However, the monthly price tag for access to all that content
01:22is going up.
01:23Disney Plus with ads will go to $9.99 from $7.99 in October.
01:28Without ads, the price goes up to $15.99 from $13.99.
01:33Hulu goes to $9.99 with ads, and $18.99 without.
01:38ESPN Plus will go up a buck to $11.99.
01:41And in an attempt to better compete with Netflix,
01:44a new Disney bundle that includes
01:46Max from Warner Brothers Discovery
01:48will cost $30 a month.
01:51That'll do it for your daily briefing from the New York
01:53Stock Exchange.
01:54I'm Conway Gittins with The Street.