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CEO’s of Spotify, Disney, NexTech AR, and Snap Discuss Augmented Reality, Streaming, and the New Mega-Trends Driving Entertainment Business

CEO’s of Spotify, Disney, NexTech AR, and Snap Discuss Augmented Reality, Streaming, and the New Mega-Trends Driving Entertainment Business

NEW YORK, Oct. 13, 2020 (GLOBE NEWSWIRE) — Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Snap (NYSE: SNAP) NexTech AR Solutions (OTC: NEXCF) (CSE: NTAR) The Walt Disney Company (NYSE: DIS), and Spotify (NYSE: SPOT).

The entertainment industry is undergoing a sea change, as new technologies upend traditional revenue and distribution models. While streaming gets even bigger, new Augmented Reality and hologram formats are emerging as “the next big thing”. Wall Street Reporter highlights the latest comments from industry thought leaders:

Snap Inc. (NYSE: SNAP) CEO Evan Spiegel: “Overlaying New Experiences on World Through Augmented Reality”

“…We are working hard to overlay new computing experiences on the world through augmented reality. And the Snap Partner Summit showcased some of our latest AR products, including Local Lenses that allow people to share augmented reality experiences together overlaid on their neighborhood cityscape, and SnapML, which empowers members of our community to bring their machine learning models directly into Lenses on Snapchat. This enabled Gucci to leverage Wannaby’s foot-tracking technology to help people try on their latest sneakers in Snapchat, and even buy them directly within the Lens. These sorts of augmented reality experiences are especially powerful in the post-COVID retail environment, where brands are investing more in virtual try-on….”

“Our community grew by 17% year-over-year, with 238 million people using Snapchat every day on average in the quarter. This continues our recent momentum in daily active user growth, with the last three quarters seeing our highest year-over-year growth rates since 2017….Adoption of our AR platform is also accelerating, with the number of people playing with Lenses every day growing by 37% year-over-year….While these uncertain times have impacted many businesses in different

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Disney is focusing on streaming in new shake-up

Disney is focusing on streaming in new shake-up

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Walt Disney said on Monday it had restructured its media and entertainment businesses to accelerate growth of Disney+ as consumers increasingly gravitate to streaming services. Gloria Tso reports.

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Walt Disney restructures entertainment businesses to boost streaming

Walt Disney restructures entertainment businesses to boost streaming

(Reuters) – Walt Disney Co DIS.N said on Monday it had restructured its media and entertainment businesses to accelerate growth of Disney+ and other streaming services as consumers increasingly gravitate to digital viewing.

FILE PHOTO: The logo of the Walt Disney Company is displayed above the floor of the New York Stock Exchange shortly after the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020. REUTERS/Lucas Jackson

Under the reorganization, Disney will separate the development and production of programming from distribution to be more responsive to consumer demands.

The move came days after activist investor Daniel Loeb of hedge fund Third Point urged Disney to forgo a dividend payment and double its programming investment in streaming.

Disney shares rose nearly 5% in after-hours trading to $130.76.

The media and theme parks company launched the Disney+ streaming service in November 2019. It has exceeded its own targets by drawing more than 100 million streaming customers worldwide to Disney+, Hulu and ESPN+.

Streaming pioneer Netflix Inc NFLX.O boasts 193 million, but has built that customer base over the 13 years.

Loeb had argued that Disney needed to cut its dividend to increase spending on new TV shows and movies to sign up new customers more quickly.

Disney Chief Executive Bob Chapek, in an interview with CNBC, said the company is planning to increase investments in content but he did not say if it was prepared to cut its dividend to finance the strategy.

“Managing content creation distinct from distribution will allow us to be more effective and nimble in making the content consumers want most, delivered in the way they prefer to consume it,” Chapek, who took the company’s top job in February, said in a separate statement.

In a statement on Monday, Loeb welcomed

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Disney Reorganizes Content and Distribution Units to Bolster Streaming Businesses

Disney Reorganizes Content and Distribution Units to Bolster Streaming Businesses

The Walt Disney Company announced a broad structural reorganization of its media and entertainment businesses Monday, in a move to ramp up and streamline its direct-to-consumer strategy. That involves the creation of the new Media and Entertainment Distribution group, which will oversee all content monetization and streaming operations. Kareem Daniel, most recently president of consumer products, games and publishing at Disney, will lead the unit.

The move comes just under a year after the launch of Disney Plus, which has since surpassed the 60 million subscriber mark.

Under the new structure, the studios will continue to develop and produce originals for Disney’s streaming services — which include Disney Plus, Hulu and ESPN Plus — and legacy platforms. Distribution and commercialization will now be centralized under the Media and Entertainment Distribution group.

“Given the incredible success of Disney+ and our plans to accelerate our direct-to-consumer business, we are strategically positioning our Company to more effectively support our growth strategy and increase shareholder value,” said CEO Bob Chapek in a statement. “Managing content creation distinct from distribution will allow us to be more effective and nimble in making the content consumers want most, delivered in the way they prefer to consume it. Our creative teams will concentrate on what they do best—making world-class, franchise-based content—while our newly centralized global distribution team will focus on delivering and monetizing that content in the most optimal way across all platforms, including Disney+, Hulu, ESPN+ and the coming Star international streaming service.”

Three groups will be responsible for producing content for film, linear TV and streaming services: studios, general entertainment and sports, under the purview of Alan F. Horn and Alan Bergman, Peter Rice, and James Pitaro. The reorganization is effective immediately, and Disney’s financial reporting will switch to the new structure in Q1 of fiscal

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