Disney reported a net income of $597 million in its fiscal second quarter, a drop of more than 46% from earnings for the same period last year.
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One of the revenue segments hit hardest during the pandemic has been Disney parks in Asia.
For Disney Media and Entertainment Distribution, revenue rose 9% to $13.62 billion. The company notes that it was able to resume audiovisual production, albeit with local interruptions that also hampered theater releases due to capacity and opening restrictions.
One segment that investors have been paying attention to is Disney+ subscriptions, which rose to 137.7 million, a 33% increase and above the expected 135 million. ESPN+ grew 10% to 45.6 million users.
The success of the streaming service is attributed to quality content, such as the release of the Moon Knight show and the new cartoon I’m Blushing. The company expects net income to be higher in the second half of the financial year, although it suggests that it may not be as large as previously thought. Disney has bet on the streaming TV business to compete with Netflix. The largest streaming service released a report to investors , acknowledging that revenue growth has “decreased significantly”, citing fierce competition and problems with falling active subscribers.
