When I think about the opportunity for a storytelling company, I think it comes down to creating persistent digital environments that compel audiences to want to spend time in those environments consistently through the course of a week or a month. What’s the opportunity in gaming as people talk about the metaverse? There’s been a lot of movement in the gaming space recently, and Warner Bros.
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We have a pay-one movie right now called “The Last Duel” that came on the service, and it’s doing really well. However, we also had movies that have not done the same kind of performance that they would have done, say, a decade ago in theaters that did incredibly well on streaming. Kong,” that have also done extremely well on streaming. The data I’ve seen is that we’ve had plenty of Imax-worthy movies that have done extremely well in theaters, like “Dune” and “Godzilla vs. How are you looking at those two factors? There’s the cost of content, and then there’s setting a price that people were willing to pay. And so the answer to your question is, I’m really glad that we have a diversified business. These are carefully considered strategies that literally kind of have gone back decades. But we’ve got channels, we’ve got a very big games business, we’ve got a theatrical business, we have digital collectibles as a business, we have consumer products. And not everybody on the planet is saying, “Streaming, and only streaming.”Īnd so yes, streaming is important. Because if you’re going to invest tens of billions of dollars in stories, beloved characters and worlds, the strategic thing to do is to meet audiences where they want to be met. But it’s not our only business, and I think that’s really important. And so I want you to know that it’s been a very carefully constructed strategy over 99 years. And that’s a very simple-to-say sentence, but boy is it hard to deliver on day in and day out. Our mission is straightforward, which is, we move the world through story. I’ll start by saying that we generate billions of dollars in cash flow today. 1, 2022 An earlier version of this newsletter quoted WarnerMedia CEO Jason Kilar saying the company generates “millions of dollars in cash flow.” He said “billions.”
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