迪士尼(DIS)最新的財報出爐，看來市場是不買帳。
最受到關注的串流媒體業務成長不如預期，導致股價盤後下跌4%。
第二季的總營收156億美元，仍比去年衰退13%
每股盈餘0.5美元，經調整後EPS為0.79美元，年增32%
持續經營現金流為13.9億美元，年減56%
自由現金流6.23億美元，年減67%
媒體和娛樂發行部門(含有線電視、廣告與串流媒體)
營收年成長1%，主要還是由直接面對消費者業務驅動
直接面對消費者業務(包括所有串流媒體業務)
營收年增59%至40億美元，營業虧損則縮窄至3億美元
Disney+的付費訂閱數在上一季新增 870萬
低於分析師預期的1440萬
總計全球付費用戶達1.04億
除了Disney+
EPSN+新增用戶170萬，達1380萬
Hulu新增用戶220萬，總用戶達4160萬
管理層預計在2024年的總訂閱數仍能達到2.6億戶的目標
每位用戶平均收入(ARPU)
雖然訂閱用戶持續成長，但是代表獲利能力的每位用戶平均收入(ARPU)卻是下滑的。Disney+的ARPU自去年同期的5.63美元下滑至3.99美元，主要原因是Disney+ Hotstar的推出。
在公司上一次的投資者日也有提出，Disney+的訂閱數中涵蓋了亞洲Disney+ Hotstar套餐的人數，占比大約是30%。也因為是免費提供Disney+ Hotstar，所以會讓公司的ARPU下滑的情況。
若是不包含Disney+ Hotstar來計算ARPU則為5.61美元，而公司也有計畫在下半年調漲價格。
這個情況跟前陣子發布財報的Netflix(NFLX)是一樣的。Netflix第一季新增付費訂戶也是低於預期，造成股價大跌反映。因為過去一段時間的需求激增，讓市場對於這樣的成長是為理所當然，如果不如預期反應就很大。
尤其迪士尼因為疫情的關係，在其他部門上都仍呈現衰退狀況，樂園、郵輪等收入還沒完全回神，市場的關注焦點都在Disney+上面。
營收32億美元，比去年仍衰退44%
虧損則較去年12億美元縮窄至4.1億美元
消費品業務則因為產品授權收入成長，營收年增13%。
CEO Bob Chapek仍看好樂園逐漸開放對營收的助挹，但想要維持成長，迪士尼未來還是得思考如何持續產出好內容吸引用戶。
電影上映後到上架串流平台的時間安排與收費的策略，例如即將上映的《脫稿玩家》(Free Guy)和Marvel的《尚氣與十環傳奇》(Shang-chi and The Legend of Ten Rings )，都有可能在上映45天後轉入串流媒體平台。
另外體育賽事與延伸出的運彩業務也有可能成為另一個催化劑，這次ESPN+主要的增長主力為終極格鬥冠軍賽(UFC)的賽事觀看，而公司也表示未來會繼續加強用戶體驗，嘗試體育賭博業務，後續發展值得觀察。
圖文版連結放留言
迪士尼授權費用 在 [新聞] 投資者狀告迪士尼指控"用詭計轉嫁成本" - 看板movie 的推薦與評價
新聞網址：
https://reurl.cc/GezzkW
THR的報導:
Disney Hit With Investor Suit Over Alleged “Cost-Shifting Scheme” In
Streaming Division
Investors take issue with former CEO Bob Chapek's optimism about Disney+'s
growth and expected profitability.
BY WINSTON CHO MAY 15, 2023 4:45PM
Disney’s lofty subscriber growth and profitability targets for its streaming
service have drawn a lawsuit from investors who claim that the entertainment
giant misled them about the extent of its losses.
A suit filed on May 12 in California federal court accuses Disney of engaging
in a fraudulent scheme designed to hide Disney+ costs and make forecasts that
it would be profitable by 2024 believable. It takes aim at ousted CEO Bob
Chapek’s alleged “cost-shifting scheme” to first air certain shows meant
to be Disney+ originals on legacy TV networks to conceal the platform “
suffering decelerating subscriber growth, losses, and cost overruns,” the
suit says.
The suit details Disney’s pivot to prioritizing streaming amid the pandemic.
While most of the company’s businesses suffered as its theme parks, resorts
and cruise lines were shuttered and movie theaters were forced to close,
subscriptions to Disney+ rapidly took off. Against this backdrop, Chapek
decided to “go all in” on the platform, announcing a major reorganization
of the company’s media and entertainment operations. Under the new reorg,
distribution and commercialization activities were centralized into the
Disney Media and Entertainment Distribution (DMED) arm, which essentially
became responsible for the monetization of all content globally. Investors
say that the reorganization represented a “dramatic departure from Disney’s
historical reporting structure and was hugely controversial within the
Company because it took power away from creative content-focused executives
and centralized it in a new reporting group” led by Chapek lieutenant Kareem
Daniel, who alongside his mentor, “exerted near complete control over the
company’s strategic decisions around content,” according to the complaint.
From December 2020 to November 2022, Chapek and Daniel repeatedly misled
investors about the success of Disney+ by concealing the true costs of the
platform and the difficulty of maintaining robust subscriber growth in
addition to claiming that it was on track to achieve profitability with 230
to 260 million paid global subscribers by the end of 2024, the suit claims.
This includes an allegedly fraudulent plan to debut certain shows that were
supposed to be Disney+ originals, including The Mysterious Benedict Society
and Doogie Kameāloha, M.D., on its TV networks, like the Disney channel.
“By doing so, a significant portion of the marketing and production costs of
the shows were shifted away from Disney+ and on to the legacy platform,”
reads the complaint.
The suit says the plan was a “motivating factor” behind the reorganization,
which was announced a month before The Mysterious Benedict Society went into
production. It also takes issues with statements from Chapek in December 2020
that touted gains. “Disney+ has exceeded our wildest expectations with 86.8
million subscribers as of December 2,” he said. “This success has bolstered
our confidence in our continued acceleration towards a DTC-first business
model.”
Chapek additionally discussed how the company’s new distribution and
commercialization team empowers creative teams to “make the high-quality
branded entertainment they believe will resonate with audiences.” The slides
that accompanied the presentation reiterated the company’s estimate Disney+
would be profitable by the end of 2024. These new forecast represented an “
astounding three-fold increase from prior estimates without any degradation
in expected profitability for the segment,” according to the complaint.
After acknowledging that subscriber growth had slowed in 2021, Disney in
November 2022 reported that it missed analyst estimates by wide margins on
revenue, sales and earnings. The company’s direct to consumer arm, which
includes Disney+, ESPN+, Hulu and Hotstar, reported an operating loss of
$1.47 billion — up from a $630 million loss in the same quarter the year
prior. Disney’s stock plummeted by more than 13 percent.
After Bob Iger returned to lead the company two weeks later, he made clear
that an important component of restoring Disney’s success would be to return
power back to creative executives, including distribution decisions. The suit
points to the statement as evidence that Chapek’s comments on his
reorganization were meant to mislead investors. It also argues that Disney’s
fiscal second quarter earnings last week, which showed that Disney+ lost
subscribers for the second quarter in a row, is further proof “confirming
that the 2024 Disney+ targets had never been achievable.”
Chapek, Daniel and CFO Christine McCarthy were named in the complaint.
“We are aware of the complaint and intend to defend vigorously against it in
court,” said Disney in a statement.
May 16, 9:34 a.m. This story has been updated with Disney’s statement to The
Hollywood Reporter.
============================================================================
非常長的報導 所以我就長話短說 能精簡就精簡 簡單說明一下就好。
簡單說，就是迪士尼的投資者要告迪士尼，
指控迪士尼用欺詐的手段，藉由把D+原創影視作品的成本用"電視播映授權費用"攤平，
誤導他們串流原創作品沒有賠錢甚至賺錢的假象。
5月12號加州聯邦法院受理了一件圖謀詐欺案件，
控訴迪士尼的串流平台試圖藉由把，
本應在D+平台首映的D+原創作品，轉到旗下電視台或子串流平台首播
讓這些電視台(例如迪士尼頻道)與串流平台(例如HULU)給付高額的授權費用給D+，
然後用這個授權費用來打平成本，
製造這些內容沒有虧錢的，讓D+將在2024年開始盈利轉正的說法變得更有說服力的假象。
控訴的投資客把矛頭直指前CEO Bob Chapek的"成本轉移計劃"，
也就是這個詐欺圖謀的主要計畫內容，
並且控訴這是在隱藏迪士尼串流平台面臨的重大問題，
包含訂閱戶流失、平台損失，以及成本失控的現象。
然後報導提到，從2020年12月到2022年11月，
Chapek跟他的副手卡林姆丹尼爾多次誤導投資者對D+的前景與營利性，
藉由隱藏平台真實支出跟隱瞞訂閱用戶的黏著程度等關鍵資訊，
誤導投資者對D+有不切實際的過分樂觀判斷，讓他們以為2024年底將會轉虧為盈。
除了這種把製作與行銷成本大量轉移到旗下電視網與子串流平台的做法之外，
Chapek還畫大餅，聲稱迪士尼的新發行與行銷團隊能支援迪士尼
"提供能與觀眾產生共鳴、高品牌價值的娛樂內容"。
最後報導以迪士尼串流平台(D+ Hulu ESPN+ Hotstar)在2022年11月的報告中，
營運損失14.7億美金，與前一年同比季度損失(6.3億美金)比，損失持續擴大作結。
同時提到迪士尼的股價慘跌13%。
==========================================================================
我其實能理解投資者的不爽
因為Chapek吹D+營利性這件事情其實發生在2020年12月
你如果看迪士尼股價就會發現，
迪士尼股價在2020年底開始迎來一波大漲潮，
導致2021年3月迎來了股價的高峰，幾乎到了200元。
也就是說這邊衝高的股價是因為公司的說明，
讓投資人對D+未來前景與營利非常樂觀導致的。
而現在迪士尼股價在哪裡呢??
91元
等於是被當韭菜腰斬了，
而如果當初的樂觀前景真的是迪士尼騙出來的，
無怪乎他們會想提告。
其實電影上迪士尼也搞了類似的東西，
例如雷神索爾4，帳面上其實是有賺錢的，
但是如果你查細項，有大量的收入來自於串流平台與電視播映授權費用，
如果是像以前，賣電影授權給網飛，賺網飛的錢，那確實可以算是收入，
問題是現在迪士尼已經是自已作莊，
是迪士尼自己的串流平台與電視台，花大錢買迪士尼自己的電影，
這種作法讓你看到雷神索爾4有小賺，
說白了只是把虧損轉嫁到其他地方而已。
都是套路阿~~
--
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※ 文章網址: https://www.ptt.cc/bbs/movie/M.1684651557.A.B43.html
※ 編輯: KingKingCold (115.43.29.141 臺灣), 05/21/2023 14:48:35
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