Disney CEO Bob Chapek made the statement to CNBC’s Julia Boorstin on Closing Bell this past Monday.
Like it or not, streaming is here to stay, and cinemas simply cannot rival the convenience afforded by video-on-demand.
I would say [it] accelerated the rate at which we made this transition, but this transition was going to happen anyway.”
It was this success that, according to Chapek, prompted the company to pivot its focus toward streaming.
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