NETFLIX, Disney, Amazon, ViacomCBS, Apple, Fox, WarnerMedia and Comcast are expected to spend more than £74bn on new content as the streaming services vie for new subscribers after the rapid growth in sign-ups during the pandemic. Subscriber numbers have slowed partly due to the pandemic affecting the production of new shows. The media giants are also expected to spend more on sports rights. Disney is expected to spend £17bn on new movies and TV shows in 2022, growing its investment by 35-40%. Its upcoming content includes a retelling of Pinocchio, a new instalment of Cars, and Obi-Wan Kenobi. Netflix is set to spend over £12.5bn, up 25% year on year.
Last week Discovery’s merger with WarnerMedia was approved by the European Commission and the deal is expected to be complete by mid-2022. Discovery is also looking to partner with BT Sport, which would hijack the British television network’s £600m sale to sports streaming service DAZN. Discovery, owner of Eurosport, has offered to create a joint venture with BT. Whatever happens with this deal. All the major streaming sites will be spending on advertising and will be looking for new agencies in different specialisms because of the variety of content they will be producing.
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