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Disney secures record $9 billion in upfront ad sales for 2022-23

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FILE PHOTO: A screen shows the trading info for The Walt Disney Company company on the floor of the NYSE in New York
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(Reuters) -Walt Disney Co has secured a record $9 billion in commitments from advertisers for fiscal 2022-23 as demand soars for live events and the upcoming ad tier of streaming platform Disney+.

Disney+, ESPN+ and Hulu brought in 40% of the total commitments, Disney said on Monday.

The media powerhouse has been doubling down on sports and live events after a pandemic-induced lull, in an attempt to cushion advertising sales that's under pressure from record inflation and geopolitical turmoil.

Rival NBC Universal closed upfront advertising commitments exceeding $7 billion for the next fiscal year, Reuters reported last month. (https://reut.rs/3v0Lq0v)

Over the last year and a half, Disney has expanded its rights to the National Football League (NFL), Wimbledon and the Australian Open. It also renewed rights for the popular FA Cup and more on ESPN+.

Last week, it said it would raise the ESPN+ subscription fee by 43% to $9.99 a month from Aug. 23.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)

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