Disney believes that its on-demand television service will not be profitable until 2024 but is not afraid of losing subscribers

Disney CEO Bob Chapek speaks at the D23 kickoff in Anaheim on Friday. MARIO ANZUONI (REUTERS)

On Saturday afternoon, two Marvel fans were walking towards one of the hotels surrounding the Anaheim Convention Center, where Disney's D23 convention was being held this Sunday.

One of them was skeptical of what Kevin Feige, the president of the popular superhero movie studio, had announced at a frantic pace in a session lasting nearly three hours.

The executives of that and other Disney-owned studios then revealed 23 projects, including movies and series, some of which have not even been filmed yet, that will hit theaters and the

service in the next two years.

On Friday, Disney did something similar, with animation studios.

The feeling of young people was shared by many among the thousands of attendees on the main stage of the convention, where dozens of celebrities paraded who will star in the projects of the LucasFilms, Marvel, 20th Century Fox, Pixar and Walt Disney Animation studios.

Diego Luna, Brie Larson, Pedro Pascal, Tom Hiddleston, Harrison Ford, Phoebe Waller-Bridge, Gael García Bernal and Don Cheadle, among many others, passed the stage.

Although they were not physically there, the public was able to learn that Olivia Colman joins the Marvel universe in a series called

and hear from James Cameron himself, remotely from New Zealand, some details about the new three-dimensional installments of

.

The second part of the successful film arrives in theaters in December.

The third part premieres in 2024.

The CEO of Disney, Bob Chapek, had promised on Friday morning a D23 full of surprises and announcements to commemorate the 100 years of the company, founded in 1923. It was also the first great presentation in society for the executive, who came to the position in February 2020 replacing Bob Iger, who turned Disney into a giant with the purchase of intellectual property from other studios and which today is exploited by the mouse brand, the universe of George Lucas, Pixar, Marvel and Fox.

Chapek, who appeared at D23 with a beard that gave him a more relaxed look, had a turbulent start to the job.

He took the helm in the pandemic and had to prepare a return to the parks and deal with the Chinese authorities, whose health protocols have weighed down the company's amusement park in Hong Kong.

He also clashed with Scarlett Johansson, one of Hollywood's great stars, over the ways in which the films were distributed.

Disney has set its window, the period it takes for a premiere to arrive in theaters at its service, between 30 and 45 days.

The biggest scandal Chapek faced was internal.

His lukewarmness before a conservative law in Florida that prevents talking about homosexuals and gender in schools, created a small revolution among employees, which needed a damage control operation to silence it.

The controversy did not stand out in D23, although it was not the best place to show discontent.

Most attendees are fans willing to pay between $79 and $899 for access to three days of new arrivals and exclusive collectible purchases.

This Sunday, Chapek referred to the incident in passing in an interview with

.

“For the first time we were able to hear opinions on these issues that may have been quietly festering before people felt comfortable expressing their views,” he said.

The CEO managed to have his three-year contract extended a few weeks ago, despite the fact that the prices of the company's shares have dropped 26% in 2022.

The avalanche of titles has been the letter of introduction not only to tens of thousands of fans, but also to the thousands of journalists from around the world invited by the company to cover the three days of events.

Many wondered how long Disney will be able to maintain the pace of growth that its streaming platform has shown when rivals like Netflix begin to lose subscribers.

Attendees at D23, which took place for three days in Anaheim, California. PATRICK T. FALLON (AFP)

Despite only being launched three years ago, Disney+ already operates in 106 markets and has 152 million subscribers.

The figure grows to 221.1 if other global brands of the group are integrated.

The service had a remarkable second quarter, with 20 million new subscribers, 60% more than analysts expected.

According to forecasts, the on-demand television service will not be profitable until 2024, when it should reach 165 million customers.

The company needs to increase revenues at theme parks and on its cruise line to keep the box full.

For this reason, the executives announced this weekend a third game on the campus of the Avengers dedicated to Thanos, at Disneyland, and the Disney Treasure, a new ship (the sixth in the fleet), which will begin operating in 2024.

The big question is whether Disney is going to consolidate its different platforms under the umbrella of Disney +.

Currently, the company has a very vast general entertainment offering divided into five markets: the United States, Latin America, Europe, India and Asia Pacific.

There is no single strategy.

In Latin America and India, for example, sports are a springboard for growth.

Hotstar, one of the company's services in India, went from broadcasting 29 cricket matches in the first quarter of this year to 64 last year.

In Europe, the company has been unable to compete in the tight market for sports broadcasting rights.

"In the two big areas where we don't have sports, Europe and Asia Pacific, we have decided to focus on producing entertainment instead of going out and fighting rights," Rebecca Campbell, president of International Content and Operations, said Saturday.

The executive stressed that the Disney + application has recently been updated to broadcast live events, so the possibility is not completely closed for the future.

Activist investors have pushed in recent weeks for Disney to put ESPN, the sports network, up for sale.

Investment firm Third Point, which owns 0.4% of the $1 billion-plus company, wants executives to sell it, which would allow the company to cash in big.

This before the loss of ESPN subscribers on cable television.

This Sunday, Chapek rejected from Anaheim that he is thinking of getting rid of the chain and has indicated that he intends to turn it into a growth machine.

The CEO, however, has recognized that the future of the direct-to-consumer business could be found in Europe, where the Disney+ application encompasses six services that in other areas of the world are spread over other brands.

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