According to a report by Variety, Disney will increase its content budget by $8 billion in fiscal year 2022, making the content budget line item $33 billion. The increase came to light after Disney filed its annual report with the Securities and Exchange Commission.
Disney intends to gain a further foothold in the streaming market by adding more original content to Disney+, Hulu, and ESPN+. According to the report, the $33 billion includes rights to sports broadcasts.
The annual report states that Disney intends to release approximately 50 titles for theaters and streaming services during fiscal 2022. Furthermore, Disney’s General Entertainment Content division will produce unscripted series, comedies, dramas, docuseries, animated series, made-for-TV movies, shorts, and specials. In all, the General Entertainment Content division will produce more than 145 original programs for 2022.
We have been reporting on slowing Disney+ subscription growth. The increased budget is an obvious attempt to draw in customers by adding more original programming.