Entertainment giant Disney has seen a further drop in revenue, with the pandemic still weighing heavily on its business, as it plans to put another film directly to its streaming platform.
Its world famous theme parks are always a hit due to COVID-19[female[feminineimposed restrictions and movie theater closures prevented his films from being shown on the big screen – but the Disney Chief Bob Chapek told investors there was cause for optimism, posting revenues of $ 15.61 billion (£ 11 billion) in the three months leading up to April 3.
That’s a 13% drop from $ 18.03 billion (£ 12.82 billion) a year earlier.
The Disney + company’s streaming platform has seen its subscriber count double in the past 12 months to 103.6 million, with titles such as wonderby WandaVision and The Falcon and the Winter Soldier and Star wars spin-off The Mandalorian, driving force behind the growth of its platform
However, growth is lower than the 109.3 million predicted by analysts, with chief financial operator Christina McCarthy admitting that growth had slowed in the first two months of the year due to lack of product launches. major and price increases in some parts of the world.
The success of Disney + has led the company to add more titles to the platform alongside their theatrical release, with upcoming films like 101 Dalmatians prequel Cruella and Marvel’s Black Widow both hitting theaters and simultaneously. line.
On Thursday, it was revealed that Jungle Cruise, based on the classic Disneyland ride of the same name and starring Dwayne “The Rock” Johnson and Emily Blunt, will be the last movie to release in Premier Access later this year on Disney +. . like getting a movie out.
However, another upcoming Marvel film, Shang-Chi and the Legend of the Ten Rings, will be made available exclusively to theaters for 45 days after its September release, as part of a plan to welcome audiences back to the show. in movie theaters.
Over the past 12 months, Disney has shifted its business model to focus more on its streaming service, taking Netflix and Amazon Prime Video as well.
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In the UK, it recently launched an additional content library called Star, which features movies and TV shows aimed at a more adult audience, with ABC and Fox titles such as Family Guy, Borat and Nomadland award-winning. ‘an Oscar.
Its parks remain affected by the pandemic, however, posting an operating loss of $ 406 million (£ 288 million) with Disneyland in California. could only open its doors in April, more than a year since it first closed, and operating at reduced visitor levels.
Meanwhile, the huge Walt Disney World in Florida opened its doors last summer, but has also been forced to reduce its number of visitors and force the wearing of masks.
Disneyland Paris remains the only company park to be closed yet, due to uncertainty surrounding the pandemic on the continent.