Fresh off the back of a set of better-than-expected financials, Disney is seeking to splash the cash in Europe.
The Mouse House will spend at least $5B on blockbuster movies and TV shows in the continent over the next five years, according to its EMEA boss Jan Koeppen, who was interviewed in the FT this morning.
Set in context, however, the spend won’t be much of an increase on the past five years and could amount to less. In June, Koeppen revealed that Disney had spent around £3.5B ($4.5B) on production in just the UK over the last five years.
The success of superhero movie Deadpool & Wolverine, which has just topped $900M global at the box office, is a driving force, contributing to an improved set of results that also saw streamer Disney+ make a profit for the first time, ahead of schedule. “The genre seems to have a lot of life left,” said Koeppen of superhero movies.
Deadpool & Wolverine was filmed at the UK’s Pinewood Studios – one of 20 movies and TV shows made there over the past five years. Four films are already either being finished or scheduled for production at Pinewood. Work has just been completed on Snow White, which will be followed by The Fantastic Four: First Steps, The Roses and The Amateur, starring Rami Malek, while a new Star Wars film has also been planned.
Koeppen called Disney “one of the fastest-growing media companies in EMEA” during the deep dive interview. He positioned Spain as a center of talent for TV and film due to tax advantages and infrastructure but said France “restricts competition and restricts consumer choice” due to the complexities of the system.
Disney’s results earlier this week showed that it had beat its own timeframe to reach streaming profits in an upbeat June quarter that also saw a big contribution from Inside Out 2. Total revenue across Disney rose 4% to $23.1 billion with operating income jumping 19% to $4.2 billion.
Based in London, Koeppen is responsible for movies, TV and the streamer across his region.