（雅思課外精讀）Disney+如何保持輝煌

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The streaming kingdom

流媒體王國

Disney strikes streaming-TV gold

迪士尼流媒體衛(wèi)冕

A spectacular first year for Disney+

Disney+輝煌的一年

1. DISNEY PROMISED investors in spring 2019 that a new video-streaming service would win between 60m and 90m subscribers by 2024. Disney+ has outperformed that forecastspectacularly, hitting its five-year subscriber target in just eight months. In doing so it is fulfilling the digital-transformation plan set in motion three years ago by Bob Iger, Disneys longtime boss, now its executive chairman.

迪士尼2019年春向投資者承諾，到2024年，其流媒體服務將有6000萬至9000萬用戶。Disney+的業(yè)績顯著超過了這一預測，僅用8個月就實現(xiàn)了5年的訂戶目標。這樣一來，迪士尼就完成了三年前由鮑勃伊格爾啟動的數(shù)字轉(zhuǎn)型計劃。伊格爾是迪士尼老板，現(xiàn)在是迪士尼執(zhí)行主席。

2. Marketing muscle, crucial to success, has been backed up by The Mandalorian, a space western inspired by Star Wars. Such is its popularity that Disney was late meeting demand for a plush-toy of its baby Yoda character. The pandemic added a turbocharge, dashing fears that Disney+ and other new streaming services, like HBO Max and Apple TV+, might struggle to attract time-starved consumers. Lockdowns mean extra hours to while away, notes Tim Mulligan of MIDiA Research.

《曼達洛人》是一部靈感來自《星球大戰(zhàn)》的西部片，迪士尼的營銷對此片的成功至關重要。該片大受歡迎，以至于迪士尼的毛絨玩具尤達供不應求。此次疫情更是火上澆油，讓迪士尼和其他一些流媒體服務比如HBO Max, Apple TV+等都擔心無法吸引消費者。MIDiA Research的蒂姆穆里根指出，封鎖意味著有更多的時間可以消磨。

3. Amid school closures Disney+ has been as trusty a baby-sitter as baby Yodas nurse droid. Of all the new streaming services Disney+, which launched in western Europe in March, just as lockdowns began, is the clear winner. Even so it has not touched the leader, Netflix, which has 195m subscribers worldwide and over 70m in America alone (see chart).

在學校停課期間，Disney+一直扮演著和尤達寶寶的保姆機器人一樣的角色。在所有新的流媒體服務中，Disney+顯然是贏家。迪士尼+于今年3月在西歐推出，那時候正是新冠封鎖開始的時候。即便如此，Disney+也還是趕不上領頭羊Netflix，Netflix在在全球有1.95億用戶，僅在美國就有超過7000萬用戶(見圖表)。

4. Disneys other businesses have suffered because of the pandemic. Shuttered theme parks, closed cinemas and cancelled sporting events have taken their toll. In August Disney said covid-19 wiped out $3.5bn of operating profits at its parks, experiences and products division in three months. The company is expected to report another quarterly loss on November 12th, after The Economist went to press. Yet the streaming services subscriber gains have helped shield the firms share price. It has fallen but by far less than its peers.

迪士尼的其他業(yè)務也因疫情受到影響。主題公園關閉了，電影院也關閉了，體育賽事也取消了，這些都給迪士尼造成了損失。今年8月，迪士尼表示，受新冠疫情影響，3個月內(nèi)，迪士尼的公園，體驗服務和產(chǎn)品營業(yè)利潤減少了35億美元。迪士尼預計將在11月12日經(jīng)濟學人付印后報告另一個季度的虧損。然而，流媒體服務的用戶收益保住了公司的股價。迪士尼股價雖然有所下降，但其下降幅度遠低于同行。

5. Disney+s rapid success also underlines a doubt about the firmwhether Mr Igers choice of successor was correct. The favourite for the top job was Kevin Mayer, who designed and launched Disney+. Mr Iger chose Bob Chapek, a talented operating executive who had been running theme parks. Given the runaway success of Disney+ it is even harder to understand how the theme park and home-entertainment executive got the top job, says Rich Greenfield of LightShed Partners, a research firm. Mr Mayer left Disney this summer.

Disney+的迅速成功也凸顯了人們對艾格的繼任者選擇是否正確的懷疑。最受歡迎的總裁人選是凱文梅爾，他設計并推出了Disney+。但是伊格爾選擇了鮑勃查佩克，這位才華橫溢的運營主管曾負責主題公園的運營。研究公司LightShed Partners的里奇格林菲爾德表示:鑒于Disney+的巨大成功，更難理解這位負責主題公園和家庭娛樂的運營主管是如何獲得最高職位的。梅爾今年夏天從迪士尼離職。

6. Will Mr Chapek now bet heavily on Disney+? The firm as a whole lavishes nearly $30bn a year on original and acquired content but this year set aside only $1bn for Disney+. Netflix spends $15bn a year. The Disney services rich library is enough to keep under-tens engaged but it may lose subscribers unless it regularly offers original grown-up fare. Third Point, an activist investor, wants Disney to stop its dividend and spend the $3bn a year on Disney+.

查佩克現(xiàn)在會在Disney+上下重注嗎?整個公司每年在原創(chuàng)和收購內(nèi)容上花費近300億美元，但今年僅為Disney+留了10億美元，而Netflix每年在其流媒體上的花費為150億美元。迪士尼豐富的圖書能夠吸引那些十幾歲以下的青少年，但是如果不定期提供針對成人用戶的內(nèi)容，迪士尼可能會流失客戶。維權投資者Third Point希望迪士尼停止派發(fā)股息，將這30億美元用在Disney+身上。

7. Disney could do more than that if it went all-in on streaming, dropping its current system in which, for example, big-budget films go exclusively to cinemas, and putting everything it makes onto Disney+ at once. The service could then spend as much as Netflix and raise its price from $6.99 per month to over $10.

迪士尼如果能夠在流媒體上做到全力投入，那么，它可以采取更多措施，比如，取消大預算電影只在電影院上映的規(guī)定，并把公司制作的所有產(chǎn)品都放到Disney+上。如果這樣，Disney+的花費可能會和Netflix一樣多，并且其收費也會從6.99美元上升至10美元以上。

8. This would make for a huge global business but there is a danger that it would swiftlycannibalise the existing parts of Disneys empire. A more likely course is that Disney will move new content more rapidly onto Disney+. It could also combine Disney+ with Hulu, a separate and successful video-streaming service the firm took control of last year.

這將帶來巨大的業(yè)務，但也存在著迅速蠶食迪士尼帝國現(xiàn)有部分的危險。更有可能的做法是，迪士尼將更快地把新內(nèi)容搬到Disney+上。迪士尼還可以將Disney+和Hulu結合起來，Hulu是迪士尼去年收購的一家獨立的視頻流媒體服務公司。

9. Disney is expected to announce in December that it will spend a lot more on content for the service. All eyes will be on whether Mr Chapek seems as tuned-in to streamings bright future as Mr Iger was.

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