Disney planning to expand Hotstar across Southeast Asia
Disney has said that The 21CF acquisition had a slightly negative impact on the third quarter segment operating income
Walt Disney posted its Q3 2019 results recently and The 21CF acquisition had a slightly negative impact on the third quarter segment operating income.
During the earnings conference call, Christina McCarthy, Senior EVP and CFO, said, "Overall, we estimate the acquisition of 21CF had a dilutive impact on our Q3 EPS before purchase accounting of about $0.60 compared to the $0.35 guidance we provided last quarter. The initial guidance of $0.35 reflected our assumptions about the business at the time. However, there were a couple of 21CF businesses whose results came in significantly lower than our expectations."
Sounding positive about Star, Bob Iger, Disney CEO, said, "The deal (21CF acquisition) added Star and Hotstar to our portfolio of businesses, giving us a significant presence in India, which will soon become the most populous country in the world. It's a huge market with interesting dynamics notably, a rapidly rising middle class with a strong and growing appetite for media, especially sports. To give you an idea of the value of this platform, last quarter, Hotstar had more than 300 million average monthly users, served an unprecedented 100 million daily users and delivered a high-quality streaming experience to 25.3 million simultaneous users, which is a new world record. The platform's broad array of premium sports rights will serve it well over the next five years especially as we expand the service into markets across Southeast Asia."
Currently, the Star India-run streaming service is only available in India, the US, the UK, and Canada.
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