Saturday, 31 July, 2021


Disney+ hits 73.7M subscribers in less than one year

Disney+ Hotstar Has Over 18.5 Million Paid Subscribers Takes Disney+ to 73.7 Million Gadgets 360
Conrad Doyle | 15 November, 2020, 02:27

Thursday afternoon, The Walt Disney Company released its earnings report for the 4th fiscal quarter of 2020 (ending October 3, 2020), showing revenue down 23% and income down 82% over a year ago for the quarter.

"The real bright spot has been our direct-to-consumer business, which is key to the future of our company", Chief Executive Officer Bob Chapek said in a statement.

Disney's direct-to-consumer division - including streaming service Disney+ which began offering USA broadway show Hamilton in July - has been a "bright spot" amid the pandemic, said Bob Chapek, chief executive.

The call also touched on Disney's theme parks and resort operations, saying that even while running at the required reduced capacity, the company is still seeing a "willingness" from consumers to visit the sites.

Several Disney parks overseas have reopened since the start of the global health crisis: Shanghai Disney Resort reopened in May, Disneyland Paris in mid-July, and Hong Kong in late September. Do you think Disney can recover once the pandemic has passed?

The disrupted resulted in just fourth-quarter revenue of just $2.58 billion for the division, which is down 61% year-over-year. Executives in charge of greenlighting movies and TV shows will be centralized in a distribution arm that determines where a given project premieres-on a streaming service, a TV network or in movie theaters. Chapek did warn that the unpredictability of COVID-19 could cause disruptions.

The direct-to-consumer and global segment, which includes its streaming service, Disney+, reported an operating loss of $580 million, compared with $751 million a year earlier.

He acknowledges that people are willing to visit the parks because they trust Disney and are confident in the measures that have been taken.

"We're extraordinarily dissatisfied that the state of California continues to preserve Disneyland closed regardless of our confirmed observe file", he mentioned on the fourth-quarter earnings name.

That was minimal compared with the job cuts announced in late September, when the company laid off approximately 28,000 workers from its domestic theme parks. Disney World hotels are almost fully booked, even as the park operates at reduced capacity, she said.

The Anaheim, Calif. theme park and resort has been closed since mid-March amid the ongoing coronavirus pandemic.

According to Disney's fourth quarter earnings results, the subscription service gained 73.7 million subscribers since it launched in November 2019.

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