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Disney (DIS) Wins Big in Golden Globe 2023, Beats Netflix
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The Walt Disney (DIS - Free Report) won nine awards at this year’s Golden Globe, including the category of Best Picture, Musical or Comedy with The Banshees of Inisherin. The movie had to compete against the likes of Glass Onion: A Knives Out Mystery from Netflix (NFLX - Free Report) and Babylon from Paramount Pictures, a subsidiary of Paramount Global (PARA - Free Report) .
Colin Farrell won the Best Performance by an Actor in a Motion Picture (Musical/Comedy) for The Banshees of Inisherin, with Martin McDonagh winning the Best Screenplay award.
Abbott Elementary from Disney’s ABC/20th Television won the Best Television Series (Musical/Comedy) award.
Quinta Brunson won the Best Performance by an Actress in a Television Series (Musical/Comedy), while Tyler James Williams was selected for the Best Performance by an Actor in a Supporting Role in a Musical-Comedy or Drama Television Series.
Other notable winners were Jeremy Allen White — Best Performance by an Actor in a Television Series (Musical/Comedy), Angela Bassett — Best Performance by an Actress in a Supporting Role in Any Motion Picture, and Amanda Seyfried — Best Performance by an Actress in a Limited Series, Anthology Series, or Motion Picture Made for Television.
However, Disney’s Avatar: The Way of Water failed to win in the Best Picture, Drama category, in which Comcast’s (CMCSA - Free Report) Universal Picture emerged victorious with The Fabelmans. Steven Spielberg won the Best Director, Motion Picture award for the movie.
Netflix had a relatively quiet Golden Globe this year, winning three awards. Guillermo del Toro became the first Latino to win the best animated feature Golden Globe for Pinocchio. The other two wins include Julia Garner for Ozark (Best Supporting Actress, Television) and Evan Peters for Monster: The Jeffrey Dahmer Story (Best Performance by an Actor, Limited Series, Anthology Series or Motion Picture made for Television).
Disney, along with media companies like Comcast and Paramount, is suffering from the lingering effects of COVID-19 and intensifying competition in the saturated streaming space still dominated by Netflix.
The latest Golden Globe wins reflect Disney’s strong content portfolio. Although Avatar: The Way of Water didn’t win any awards, it was one of the highest-grossing movies released in 2022. As these latest movies will be eventually released into Disney’s streaming service, Disney+, subscriber base growth is expected to remain strong. Disney+ added more than 12 million global subscribers in the fourth quarter of fiscal 2022.
However, Disney’s direct-to-consumer division reported an operating loss of $1.5 billion in fourth-quarter fiscal 2022, which doubled year over year. This has been attributed to macroeconomic factors like inflation, which have spiked up the cost of production for the company, as well as adverse foreign exchange impact that decreased Disney+’s ARPU by 5%.
Nevertheless, Disney is focusing on the realignment of costs, including rationalization of marketing spending, and optimization of content slate and distribution approach to deliver a steady state of high-impact releases that efficiently drive engagement. This Zacks Rank #4 (Sell) company expects Disney+ to reach profitability by 2024.
Image: Shutterstock
Disney (DIS) Wins Big in Golden Globe 2023, Beats Netflix
The Walt Disney (DIS - Free Report) won nine awards at this year’s Golden Globe, including the category of Best Picture, Musical or Comedy with The Banshees of Inisherin. The movie had to compete against the likes of Glass Onion: A Knives Out Mystery from Netflix (NFLX - Free Report) and Babylon from Paramount Pictures, a subsidiary of Paramount Global (PARA - Free Report) .
Colin Farrell won the Best Performance by an Actor in a Motion Picture (Musical/Comedy) for The Banshees of Inisherin, with Martin McDonagh winning the Best Screenplay award.
Abbott Elementary from Disney’s ABC/20th Television won the Best Television Series (Musical/Comedy) award.
Quinta Brunson won the Best Performance by an Actress in a Television Series (Musical/Comedy), while Tyler James Williams was selected for the Best Performance by an Actor in a Supporting Role in a Musical-Comedy or Drama Television Series.
Other notable winners were Jeremy Allen White — Best Performance by an Actor in a Television Series (Musical/Comedy), Angela Bassett — Best Performance by an Actress in a Supporting Role in Any Motion Picture, and Amanda Seyfried — Best Performance by an Actress in a Limited Series, Anthology Series, or Motion Picture Made for Television.
The Walt Disney Company Price and Consensus
The Walt Disney Company price-consensus-chart | The Walt Disney Company Quote
However, Disney’s Avatar: The Way of Water failed to win in the Best Picture, Drama category, in which Comcast’s (CMCSA - Free Report) Universal Picture emerged victorious with The Fabelmans. Steven Spielberg won the Best Director, Motion Picture award for the movie.
Netflix had a relatively quiet Golden Globe this year, winning three awards. Guillermo del Toro became the first Latino to win the best animated feature Golden Globe for Pinocchio. The other two wins include Julia Garner for Ozark (Best Supporting Actress, Television) and Evan Peters for Monster: The Jeffrey Dahmer Story (Best Performance by an Actor, Limited Series, Anthology Series or Motion Picture made for Television).
Disney’s Strong Content Portfolio Boosts Prospects
Disney, along with media companies like Comcast and Paramount, is suffering from the lingering effects of COVID-19 and intensifying competition in the saturated streaming space still dominated by Netflix.
The latest Golden Globe wins reflect Disney’s strong content portfolio. Although Avatar: The Way of Water didn’t win any awards, it was one of the highest-grossing movies released in 2022. As these latest movies will be eventually released into Disney’s streaming service, Disney+, subscriber base growth is expected to remain strong. Disney+ added more than 12 million global subscribers in the fourth quarter of fiscal 2022.
However, Disney’s direct-to-consumer division reported an operating loss of $1.5 billion in fourth-quarter fiscal 2022, which doubled year over year. This has been attributed to macroeconomic factors like inflation, which have spiked up the cost of production for the company, as well as adverse foreign exchange impact that decreased Disney+’s ARPU by 5%.
Nevertheless, Disney is focusing on the realignment of costs, including rationalization of marketing spending, and optimization of content slate and distribution approach to deliver a steady state of high-impact releases that efficiently drive engagement. This Zacks Rank #4 (Sell) company expects Disney+ to reach profitability by 2024.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.