O Dow Jones Industrial Average (DJINDICES: ^ DJI) fell about 0.1% at 11:45 am EST Thursday, a small change to end what has been a busy year for the stock market. The Dow Jones index fell below 20,000 in March when the COVID-19 pandemic hit the United States and led to widespread requests to stay home. The pandemic was never controlled, but that did not stop the Dow Jones index from eventually reaching new records at the end of the year. The Dow will end 2020 with an increase of more than 6% if nothing changes by the end of the day.
Turning to individual actions, Apple (NASDAQ: AAPL) dropped slightly after the company removed thousands of paid game apps from its China App Store. Meanwhile, Disney (NYSE: DIS) the stock rose after the company plans a price increase for its ESPN + streaming service.
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Apple removes game apps in China
Wall Street Newspaper reported last week that tech giant Apple planned to remove thousands of game apps from its App Store in China due to government pressure. Apple reportedly warned Chinese developers earlier this month that paid game apps were at risk of being removed.
China requires that paid video games be licensed before they are released, a policy that has been in place for the past four years. However, application developers were able to circumvent this rule on the Apple platform. Apple started closing the gap this year, the diary reports.
On Thursday, Apple removed 39,000 game apps from its China App Store, according to Reuters. This includes popular titles like Assassin’s Creed identity and NBA 2K20. Only 74 of the top 1,500 paid gaming apps in the China App Store are still available, according to research firm Qimai.
The license requirement applies to paid games and games with in-app purchases, so Apple’s move may prompt more developers to opt for an ad-supported model. Apple takes away some of the sales of apps and in-app content, so that change would affect Apple’s sales in China.
Apple’s shares fell about 0.8% late Thursday morning. If nothing dramatic happens with the stock price for the rest of the day, Apple’s stock will end the year up more than 81%.
Disney’s ESPN + raises prices
Given the popularity of Disney’s streaming services, it’s safe to say that the entertainment juggernaut has some pricing power. The company plans to increase the monthly price of its main Disney + service from $ 6.99 to $ 7.99 in March, a move that is unlikely to cause much turnover, given the low price of the service in relation to the competition.
Disney’s ESPN + streaming service, with a focus on sports, is joining Disney + in raising prices in 2021, according to Variety. The price of an annual ESPN + subscription will jump from $ 49.99 to $ 59.99 on January 8, with renewals set to remain at the old price until at least March 2. The price of UFC pay-per-view events on the service is also rising. Viewers will now need to shell out $ 69.99 per event, compared to a previous price of $ 64.99.
Disney expects ESPN + to reach between 20 million and 30 million subscribers by the end of fiscal 2024, compared to an earlier target of 8 million for 12 million subscribers. Disney also expects the service to make a profit in fiscal year 2023.
Streaming is a big part of Disney’s future, and the company has so far shown a knack for gaining subscribers quickly for its various services. Disney shares were up about 0.65% late Thursday morning; the stock increased by more than 26% in 2020.