Disney Loses Billions - It will release 'Mulan' on Disney+ on a pay-per-view basis in territories where cinemas are not open, introducing a new global distribution offering as other businesses suffer due to Covid-19.
Disney's long-delayed live-action remake of "Mulan" is now expected to debut on Disney+ in several territories on September 4.
Disney Loses Billions
Streaming has been the only thing that has worked for The Walt Disney Company during the pandemic that has crippled theme parks, live productions and cruise lines, so Disney is relying more on its direct-to-consumer pipeline.
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Disney DIS, -0.41% on Tuesday reported disappointing financial performance, including a loss of nearly $5 billion in the quarter due to Covid-19 and the long-term attrition of its European linear TV channels. The only part of the media empire that has grown during the pandemic includes the company's Disney+ streaming service, which launched late last year and already has more than 60 million subscribers.
After listing those numbers, new Disney CEO Bob Chapek on Tuesday announced his plan to use Disney+ and try to replicate its success. Disney will debut the long-delayed live-action feature "Mulan" on Disney+ on Sept. 4 as a $30 pay-per-view option, opening up the studio's pandemic-halted film lineup a bit and launching a new streaming service overseas. Disney will release big-budget features in countries where its facilities are open and charge similar prices in other countries protected by Covid-19.
"We see this as an opportunity to bring this incredible film to a wider audience that cannot currently go to theaters, while increasing the value and appeal of a Disney+ subscription," Čapek said at the conference.
Chapek also said that Disney now expects to launch a new global streaming service under the Star brand in 2021. Disney owns Hulu, the streaming service that includes most of its own content and licensed shows, and it appears that . A global audience that connects with Disney+.
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"The offering will be based on content from our professional and highly regarded production engines and libraries from ABC Studios, Fox Television, FX, Freeform, 20th Century Studios and Searchlight," he said. brand, which the company has successfully used for other general entertainment platforms in India, including Disney+ Hotstar.
Disney shares initially fell 2% after the results, but rose 10% in morning trading Wednesday after the twins' broadcast announcements. Disney shares are down 19% this year, while the broader S&P 500 index SPX, +0.40% is up 2% in 2020.
The "Mulan" move could help Disney's bottom line move in the short term and is another nail in the coffin of the "window" seasons that allow new movies to stay in theaters for about three months. Last week, AMC Entertainment Holdings Inc. AMC, +0.80% and Comcast Corp.'s CMCSA, +0.62% Universal Filmed Entertainment Group announced a deal that shortened that window to less than three weeks, and Disney is now completely outpacing 2009 theaters. With one of the most anticipated releases in the world.
Disney can use income assistance. On Tuesday, the company reported that third-quarter sales fell 42 percent to $11.78 billion from a record $20.25 billion a year ago. Disney reported a loss of $2.61 per share, compared with net income of 79 cents a year earlier, primarily due to a $4.95 billion charge reflecting the impact of Covid-19 and the move to direct-to-air streaming of movies and TV. -consumer business model in global channel businesses.” Licensing Channels.
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After adjusting for that charge and other factors, Disney reported net income of 8 cents a share, compared with $1.34 a share a year ago. Analysts polled by FactSet had expected an adjusted loss of 64 cents a share on sales of $12.4 billion.
The biggest reason for the decline was that park business sales fell below $1 billion because most concessions were closed for the entire season due to the coronavirus. Sales in the theme parks business fell to $983 million from $6.58 billion a year ago. Analysts on average were expecting $1.05 billion.
It reported direct-to-consumer and international revenue of $3.97 billion, including Disney+, after sales of $3.86 billion a year ago. Analysts had expected $4.65 billion, according to FactSet. The movie business fell to $1.74 billion from $3.84 billion a year ago, compared with analysts' expectations of $1.67 billion. Disney's television business posted revenue of $6.56 billion, down from $6.71 billion a year earlier, but above the average analyst estimate of $6.28 billion.
Better-than-expected accounting growth in its TV business helped Disney beat expectations for overall profit. Disney said it carried the cost of owning sports programming rights to future quarters because no US professional sports were played in the quarter. That boosted operating income in the Media Networks segment to more than $3 billion, up 48% from last year and nearly double analysts' average estimate.
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Disney's ESPN and ABC missed the NBA Finals last quarter, but began airing new NBA action last week. Major League Baseball's July 23 restart set television ratings records on ESPN, although the sport between the Miami Marlins and St. Louis Cardinals was overshadowed by the Covid-19 pandemic, which led to several postponed games.
Disney is also working on DraftKings Inc. It made nearly $400 million on its investment in DKNG, which went public at the end of April, +3.52%. Disney invested in the daily fantasy and sports gambling website when it was a startup, and said the investment valued it at $382 million, which added to Disney's revenue.
Inflation is slowing, but some food prices are expected to rise in 2023, including prices that are up nearly 60% from last year.
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In the technology sector, there is optimism that Beijing's moves by companies including Tencent and JD.com are addressing issues such as market dominance and information sharing.
Jeremy Owens is the technology editor and San Francisco bureau chief. You can follow him on Twitter @jowens510.
John Swartz is a senior reporter in San Francisco covering many of the biggest players in tech, including Netflix, Facebook and Google. John has been involved in technology for over 20 years and previously worked at Barron's and USA Today. Follow him on Twitter @jswartz. The Walt Disney Company paid dearly for its efforts to engage in active politics, with its stock down 44.58 percent at the end of 2022, losing $123 billion.
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The company opened the year at $156.76. After a year of battling Florida Gov. Ron DeSantis, squeezing active content in blockbuster movies and replacing its controversial CEO with a predecessor, Disney closed the year at $86.88.
Disney shares closed lower in the year ahead of the 2022 Rathouse Star Wars movies, as the recession wiped out pandemic-era gains. USD DIS missed revenue estimates by nearly $1 billion for its fiscal fourth quarter. https://t.co/720SnWcPi0 — MarketWatch (@MarketWatch) December 28, 2022
The year marked Disney's worst annual decline in 50 years. Disney's stock fell 54 percent in 1974, according to Dow Jones Markets.
While Disney's struggles this year stemmed from lower-than-expected revenue from its Disney+ streaming service, as well as lower box office revenue, the company's controversial promotion of LGBT content played a role. If the market report is any indication, the push for queer representation and other active politics was a bad move for the bottom line.
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Please note that Disney made headlines in early 2022 for feuding with Florida Governor Ron DeSantis over the state's parental rights law. After being criticized for taking a neutral stance on the law, then-CEO Bob Chapek reversed course in early March, publicly apologizing to the LGBT community.
It was a back and forth with the Florida Legislature that effectively marked the start of the slide. On March 1, 2022, Disney stock was $145.70. On May 4, the company lost nearly $63 billion in market share and reported a $30 per share decline in its annual market report.
Meanwhile, information was given about the "not-so-secret homosexual agenda" of Disney's top managers. Čapek also announced that the same-sex kiss will appear in "The Year of Light", one of the blockbusters expected in 2022.
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