Wednesday, 03 March, 2021


Disney posts losses for 2nd straight quarter

Disney+ Hits 73 Million Paid Subscribers As The House Of Mouse Reports Massive Financial Annual Losses Disney Parks Division Lost Another Billion Dollars Last Quarter, But There Is Good News
Conrad Doyle | 14 November, 2020, 01:22

"Even with the disruption caused by COVID-19, we've been able to effectively manage our businesses while also taking bold, deliberate steps to position our company for greater long-term growth", Disney CEO Bob Chapek said in a statement. Disney does think that crusie ship business will be back by at least 2022, as the company is expecting three brand new ships starting in that year. "The real bright spot has been our direct-to-consumer business, which is key to the future of our company, and on this anniversary of the launch of Disney+ we're pleased to report that, as of the end of the fourth quarter, the service had more than 73 million paid subscribers - far surpassing our expectations in just its first year".

The segment that faced the most hardship in 2020 was, unsurprisingly, parks, experiences and products. For the fiscal year, Disney reported annual revenue of $16.50 billion, which is down a whopping 37% year-over year. While some (Walt Disney World in Florida, Tokyo Disney Resort, Shanghai Disney Resort and Hong Kong Disneyland Resort) have since opened with limited capacity, others (Disneyland in California) remained closed indefinitely.

"Unfortunately, we're extremely disappointed that the state of California continues to keep Disneyland closed", Chapek said on the earnings call. Disneyland is not expected to open until the end of the first fiscal quarter, which ends January 2.

Bob Chapek says that the company is pivoting to a "DTC-First" business model and that more information on that will come during the investor call on December 10th.

Internationally, Disneyland Paris, which had reopened, was forced to shut down again last month as France instituted another lockdown. Disney's senior executive vice president and chief financial officer Christine McCarthy revealed those numbers during the entertainment giant's quarterly earnings call on Thursday. Additionally, Disney reported slightly higher revenue than the expected $14.2 billion, coming in at $14.71 billion.

The company's overall sales for the July-to-September period fell 23 percent from a year earlier to 14.7 billion dollars.

Disney shares, which closed Thursday down 1.7% at $135.52, jumped about 6% in after-hours trading after the earnings release.

Lower programming costs helped ABC through a tough stretch, boosting profit by 47 per cent, Disney said. As of Q4, the Parks, Experiences, and Products division is down 61% year over year, and it's estimated that pandemic-related costs will reach $1 billion in 2021. That move has been vastly sped up by the pandemic, as well as increasing competition from new streaming services such as NBCUniversal's Peacock and WarnerMedia's HBO Max, not to mention older rivals like Netflix.

Analyst Eric Haggstrom of eMarketer said that the streaming service showed impressive results for Disney.

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