- Walt Disney Company DIS cautioned that pending France's "anti-consumer" distribution rule reform, its biggest movies may go straight to streaming in 2023.
- Disney's Black Panther: Wakanda Forever will release in French cinemas in November, as France agreed on amending and setting "a clear timeline for those discussions," the Financial Times reported.
- The release prevented Disney from showing the Black Panther sequel on its Disney Plus streaming service in France until April 2024, and then for only five months.
- Without a deal, the film will return to the Disney Plus service permanently only in November 2025, three years after it hits cinemas.
- The release ended months of debate at Disney over whether to use the blockbuster Marvel movie to take a stand over France's highly restrictive "windowing" regime that puts all studios at increased risk for piracy.
- France saw the system of setting the itinerary for films shown in cinemas for broadcast on television or streaming platforms as a critical way to protect its film industry and cinemas.
- French cinemas have struggled to attract consumers back to cinemas which also threatened production companies as France's unique system of public and private financing for cinema depended on tax on tickets and contributions from broadcasters.
- Fewer Hollywood blockbusters mean less money for French cinema producers.
- Disney's animated movie Strange World, likely to hit U.S. cinemas in November, will go straight to Disney Plus in France in its protest against France's latest rules.
- In February, France updated its rules on the window between a theatrical release and a streaming presentation. It negotiated with film companies, streaming services, and television channels to determine a new window length.
- Netflix, Inc (NASDAQ: NFLX) signed on for the new mandate and won a 15-month waiting period, but Disney and Amazon.com Inc AMZN disagreed and bagged 17 months.
- The 2023 Disney slate includes Guardians of the Galaxy Vol. 3, Indiana Jones 5, and The Little Mermaid.
- Price Action: DIS shares traded higher by 1.29% at $95.67 premarket on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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