.Breakingviews: Disney’s market capitalization skyrocketed after an eye-popping 10 million people signed up for Disney+ on its first day. But the return to earth promises to be anything but magical. BVPredicts
Cast member Daisy Ridley poses at the premiere for the film"Star Wars: The Rise of Skywalker" in Los Angeles, California, U.S., December 16, 2019. REUTERS/Mario Anzuoni
An eye-popping 10 million people signed up for Disney+ on its first day out of the gate in November, a number that added $18 billion to Disney’s market capitalization within hours of disclosing it. Disney’s stock was in mid-December trading at 26 times 2020 forecast earnings, according to Refinitiv, having overtaken Apple and Google owner Alphabet’s multiple during 2019. Iger wants up to 90 million subscribers by September 2024 – by which time he says he will no longer be chief executive.
Granted, Disney has advantages its rivals didn’t, like name recognition and splashy content including Yoda and animated works from Pixar. And it’s cheap at $6.99 a month, about half the price of Netflix. That too, though, is a problem. Disney effectively hopes to grow at twice the speed of Netflix in its early days, but at half the revenue per user that Hastings’ service gets today.
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