Following a string of better-than-expected financial results, Disney is looking to spend big in Europe.
Speaking to the FT this morning, Mouse House's head of EMEA, Jan Koeppen, said the company plans to spend at least $5 billion on blockbuster films and TV shows on the continent over the next five years.
But given the circumstances, this spending is not much more than the previous five years, and may even be less: In June, Koeppen revealed that Disney had spent around 3.5 billion pounds ($4.5 billion) on production in the UK alone over the past five years.
The success of superhero movie “Deadpool & Wolverine,” which just surpassed $900 million at the box office worldwide, has helped fuel a string of improving financial results, while streaming service Disney+ also reported its first profit ahead of schedule. “It looks like the genre still has life left in it,” Koeppen said of superhero movies.
Deadpool & Wolverine was shot at Pinewood Studios in the UK. It is one of 20 films and TV shows produced there in the past five years. Pinewood already has four films completed or in the pipeline: it just finished work on Snow White, followed by Fantastic Four: The First Step starring Rami Malek, The Roses and The Amateurs, and a new Star Wars film is also planned.
In the in-depth interview, Koeppen called Disney “one of the fastest growing media companies in EMEA.” He cited Spain as a hub for TV and film talent because of its tax incentives and infrastructure, but said France's complex regulations “limit competition and limit consumer choice.”
Disney announced earnings earlier this week that it hit streaming revenue ahead of its own schedule, thanks in part to a strong June quarter fueled by the release of “Inside Out 2.” Overall, Disney's total revenue rose 4% to $23.1 billion, and operating profit increased 19% to $4.2 billion.
Based in London, Koeppen is responsible for film, TV and streamers across the region.
