Disney Revenue Jumps, Thanks to Park Reopening and Streaming Service Growth

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BURBANK, Calif.—The Burbank-based Walt Disney Company reported connected Nov. 10 its fourth-quarter gross of $18.5 billion, falling somewhat abbreviated of analysts’ predictions but inactive representing a crisp emergence from the aforesaid play past year.

The fourth-quarter gross translated to 37 cents earnings per share. The gross fig was up 26 percent from past year’s fourth-quarter revenue, $14.7 billion.

A large contributor to the quarter’s gross leap was the company’s Parks, Experiences, and Products division, which had a 99 percent summation implicit the same play past year—the effect of crowds flocking backmost to Disney theme parks pursuing the yearlong COVID-19 closures.

Disney has besides experienced important maturation successful its direct-to-consumer (DTC) division, which consists of its streaming services—most notably Disney Plus—and different overseas media businesses. Disney Plus streaming work accounts for a full of 118.1 cardinal paid subscribers, up astir 2 cardinal since the extremity of the third quarter.

“This has been a precise productive twelvemonth for The Walt Disney Company, as we’ve made large strides successful reopening our businesses portion taking meaningful and innovative steps successful direct-to-consumer and astatine our parks, particularly with our fashionable caller Disney Genie and Magic Key offerings,” Disney CEO Bob Chapek said successful a statement.

“We proceed to negociate our DTC concern for the long-term, and are confident that our high-quality amusement and enlargement into additional markets worldwide volition alteration america to further turn our streaming platforms globally.”

Disney reported 179 cardinal existent subscriptions crossed its DTC platforms, with yearly maturation of 60 percent. Compared to the aforesaid 4th past year, determination is a 38 percent revenue increase for its DTC business, though the division’s operating nonaccomplishment accrued from $400 cardinal to $600 million.

The company attributed the nonaccomplishment chiefly to higher programming, production, marketing, and exertion costs astatine Disney Plus.

The losses were partially offset by accrued gross generated by a pair of “Premier Access” films for which subscribers paid further fees, namely “Black Widow” and “Jungle Cruise.”

City News Service

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