Disney are known for their kids flicks...but now, they're looking at something a little left field.
Background: Disney are the global entertainment GOATs. But while the world is opening back up...they have struggled to bounce back to their pre-pandemic profits.
What happened: Last quarter, Disney's profits were down 25% compared to pre-COVID.
What else: Now, the company is going a 'lil left field. They are pursuing sports betting through their ESPN brand to try and boost their bottom line.
💡We have a good old fashioned land grab in the US sports betting industry... and Disney wants in. This is all because 3 years ago, the Supreme court overturned a ban on sports betting.
💡Let's put this into perspective. The horse and sports betting industry in Australia is worth around $5 billion per year. In the US, it's worth around $70 billion. And expected to grow to $140 billion by 2028.
💡According to Disney's own research, gambling won't hurt the Disney brand...but it will strengthen ESPN's brand (at least in the US).
Sign up for Flux and join 100,000 members of the Flux family