Disney revenue plummets 13 percent since 2020; streaming service records 'slower than expected' growth after pandemic boost

Disney said it was seeing 'encouraging signs of recovery' across a wide range of its businesses even while its streaming television service grew slower than expected in the second quarter.

Agence France-Presse May 14, 2021 10:03:33 IST
Disney revenue plummets 13 percent since 2020; streaming service records 'slower than expected' growth after pandemic boost

The Walt Disney Company on Thursday said it was seeing "encouraging signs of recovery" across a wide range of its businesses while its streaming television service grew slower than expected in the recently ended quarter.

The streaming TV service Disney+ ended the quarter with nearly 104 million subscribers, fewer than expected but still part of a stable of "direct-to-consumer" services that saw audiences swell as people turned to the internet for entertainment because of the pandemic.

Disney said that it was seeing positive signs across its operations including parks, cruises, and resorts which took the hardest hit from COVID-19 .

"We’re pleased to see more encouraging signs of recovery across our businesses, and we remain focused on ramping up our operations while also fueling long-term growth for the company,” Disney chief executive Bob Chapek said in the earnings release.

"This is clearly reflected in the reopening of our theme parks and resorts, increased production at our studios, the continued success of our streaming services."

Disney reported revenue of $15.6 billion, down 13 percent from the same period a year earlier.

Net income for the company was reported at $901 million.

Shares in the Los Angeles-based entertainment giant were down four percent in after-market trades that followed release of the earnings figures.

Updated Date:

also read

Film and TV shoots to resume in Mumbai based on Maharashtra govt's five-level unlock plan
Entertainment

Film and TV shoots to resume in Mumbai based on Maharashtra govt's five-level unlock plan

As part of Maharashtra's five-level unlocking, shooting activities need to be conducted in a bubble and no outdoor shooting will be allowed after 5 pm

Mare of Easttown: Kate Winslet show is an examination of the love and loss embedded in motherhood
Entertainment

Mare of Easttown: Kate Winslet show is an examination of the love and loss embedded in motherhood

A whodunit is not typically a genre one would expect to be a study of anything maternal, but Mare of Easttown is not your quotidian guilty-pleasure crime television.

Indian entertainment industry suffered 24 percent overall decline in revenue in 2020 due to pandemic, report states
Entertainment

Indian entertainment industry suffered 24 percent overall decline in revenue in 2020 due to pandemic, report states

As per the study, the media industry is projected to witness a 25 percent increase in revenue in 2021 to reach Rs 1.73 trillion, covering up for the losses suffered in 2020.