The Walt Disney Co. intends to increase its overall content spending to $33 billion in its fiscal year 2022. This began Oct. 1. Details on the company’s previous year and forecast for the coming year were revealed in its annual report, which was filed to the Securities and Exchange Commission on Wednesday.
The $33 billion figure marks an uptick of approximately $8 billion to the company’s fiscal 2021 spending, which reportedly tallied up to $25 billion. The boost is driven by Disney’s intention to expand its reach on streaming, through platforms like Disney Plus, Hulu and ESPN Plus, rather than through the company’s linear businesses on television and film. The total of $33 billion includes content sports rights as well other content for ESPN Plus, ESPN Plus, and other platforms.
This massive spending strategy demonstrates how Disney views direct-to-consumer video content as a top priority and expands its streaming investment with urgency.
According to the annual report, Disney intends to release approximately 50 titles in theatrical and streaming distributions during the fiscal year. This includes films as well as episodic television shows. It also stated that productions may be delayed due to COVID-19. Disney creates motion pictures through Walt Disney Pictures and Twentieth Century Studios.
Disney is shifting to direct-to-consumer business models and increasing content production. The company also commissions across the board for Disney Plus, Hulu, and other platforms. The company’s General Entertainment Content unit estimates it will produce some 60 unscripted series, 30 comedy series, 25 drama series, 15 docuseries and limited series, 10 animated series, five made-for-TV movies and numerous shorts and specials throughout the 2022 fiscal year.