Well, Disney is not the only upcoming player in the streaming service world, as Warner Bros is also catching up in the race.
It was revealed today by WarnerMedia CEO John Stankey that the company is planning to use its vast library of shows and films through a streaming service. This was told by Stankey at the Vanity Fait New Establishment Summit. He further added that it will be fronted by HBO. (Via Variety)
He also said that the service has no price yet but will be more expensive than the premier tier plan by HBO. Warner Bros will be spending somewhat around $2.5 billion and $8 billion, almost the same spent currently by Netflix on their content.
“This is another benefit of the AT&T/Time Warner merger, and we are committed to launching a compelling and competitive product that will serve as a complement to our existing businesses and help us to expand our reach by offering a new choice for entertainment with the WarnerMedia collection of films, television series, libraries, documentaries and animation,” Stankey said.
Starting this service will obviously not be cheap but AT&T has things planned for that.
“We expect financial support to launch this product to come from a combination of incremental efficiencies within the WarnerMedia operations, consolidating resources from sub-scale D2C efforts, fallow library content, and technology reuse,” AT&T said in the filing. “We expect to defer some licensing revenues to later periods in the form of increased customer subscription revenues.”
After Disney announced its streaming service launch next year, Warner Bros has now become the latest entry to choose to stream their content. Stankey wishes the service to be “a collection of boutiques that meet your particular needs, but all have an understood level of quality.”
