Disney Accused of Lying About Streaming Losses; OpenAI on Track for $1bn in Revenue

In today's ExchangeWire news digest: Disney shareholders accuse the company of misleading them on losses at Disney+; OpenAI is forecast to exceed USD$1bn (~£792m) in revenue within 12 months; and X reports it will allow political advertising ahead of the US Presidential election.

Disney execs “repeatedly misled investors”, lawsuit claims

Disney shareholders have raised a lawsuit against the company, accusing executives of lying about the financial health of its core streaming service, Disney+. The complaint states that “wrongful acts and omissions” by higher-ups at the mouse house led to the “precipitous decline in the market value” of Disney shares.

OpenAI revenue to surpass $1bn in 12 months

OpenAI is expected to generate revenue in excess of USD$1bn (~£792m) within the next 12 months. The firm reported USD$28m (~£22.1m) in revenue for 2022, before it began charging for ChatGPT. Sales of the company’s artificial intelligence software, however, have supercharged its revenue forecast, with the billion-dollar prediction suggesting OpenAI is generating over USD$80m (~£63.3m) in revenue per month.

X to allow political ads ahead of US election

Social media firm X has confirmed it will allow political advertising from US candidates and political parties ahead of the 2024 presidential election, asserting it would also expand its safety and elections team. The platform, formerly known as Twitter, had banned political advertising globally in 2019, a ban new owner Elon Musk lifted in January this year.

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Fact of the Day

146.7 million – the number of Disney+ subscribers globally as of Q3 2023.

Source: Statista