Shares of Swedish streaming company Viaplay Group fell by 60% on Monday to a record low after warning of a weakening business environment as rising living costs dent demand, and announced it was replacing its chief executive.
Disney+, lowered its short-term organic sales growth projections for 2023 to 16%-17.5% from its previous forecast of 24%-26%.
Jensen said in the statement that "in the light of current challenges, the company is best served if I step down, and I have therefore decided to do so." Viaplay said the rising cost of living had led to lower demand in Nordic and international streaming, lower wholesale subscription sales, and a sharp and rapid deterioration in Scandinavian TV and radio advertising markets. It added that foreign exchange headwinds have increased.
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