Disney revenue nose-dive as Covid continues, aim to switch to streaming

Photo: popsci.com/smart-tv-apps

Disney faces another wave of financial conditions in the fourth quarter of last year after the stringent controls for the amusement park opened and the continued shutdown of theme parks in California that severely affected the company’s earnings.

The first-quarter earnings figure remained worse than Wall Street forecasts, and Disney said it a profited $ 17 million, or 1 cent per share. But Disney ‘s main business is the movie theater. Two-thirds of the movie theaters in North America continued to close and the Disneyland theme park business that was unable to accept non-COVID-19 customers, Disney has been hit hard.

Disney just turned profitable in the first quarter of this year. After experiencing two consecutive quarters of losses compared to this first-quarter profit, it was only 2% of the revenue of Avengers: Endgame, which was the top box-office movie of 2019, showing the impact of COVID-19.

How much has changed the state of the world’s largest entertainment media company? CEO Bob Chepec highlighted his focus on the streaming business in order to generate income, with even more companies

The streaming service Disney +, which saw its subscribers jumped 21 million in the first quarter brought the total to 94.9 million, according to the Jan. 2 summary of numbers.

73.7 million at the end of the fourth quarter of last year after the service was first launched in November 2019, the streaming service has become at the heart of Disney ‘s franchise plans as the service includes shows and movies that viewers can choose to watch at home.

Recently, Disney has partnered with Marvel Studios to bring the WandaVision, further reinforcing its commitment to delivering Marvel- branded movies through its streaming channel.

Original writer: Supaphan Chumsai Na Ayutthaya
Source: BusinessToday.co