After reporting better-than-expected financial results, Disney plans to invest heavily in Europe. The company will spend at least $5 billion on blockbuster movies and TV shows across the continent over the next five years, according to Jan Koeppen, the head of its EMEA division, who spoke with the Financial Times this morning.
However, when put into perspective, Disney’s planned spending isn’t much higher than what they’ve spent in the past five years and might even be less. In June, Jan Koeppen shared that Disney had already spent about £3.5 billion ($4.5 billion) on production in the UK alone over the past five years.
The superhero movie Deadpool & Wolverine has been a huge hit, earning over $900 million worldwide. This success has helped Disney’s overall performance improve, with Disney+ even making a profit earlier than expected for the first time. Jan Koeppen mentioned that superhero movies still seem to be very popular, saying, “The genre seems to have a lot of life left.”
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Deadpool & Wolverine was filmed at Pinewood Studios in the UK, where 20 other movies and TV shows have been made over the past five years. Four more films are either being wrapped up or are set to start filming there soon. The studio recently finished work on Snow White, and next up are The Fantastic Four: First Steps, The Roses, and The Amateur, which stars Rami Malek. There’s also a new Star Wars movie in the works.
In a detailed interview, Jan Koeppen described Disney as “one of the fastest-growing media companies in EMEA.” He highlighted Spain as a great place for TV and film talent because of tax benefits and strong infrastructure. However, he pointed out that France makes things complicated, limiting competition and consumer choices due to its system.
Earlier this week, Disney announced that it reached streaming profits sooner than expected during a successful June quarter, helped by Inside Out 2. Overall, Disney’s total revenue increased by 4%, reaching $23.1 billion, while operating income jumped 19% to $4.2 billion.
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Jan Koeppen, who is based in London, oversees movies, TV shows, and the streaming service for his entire region.
Source: Deadline