Disney’s revenues shot up 45% year-over-year to $17 billion in its fiscal third quarter on the strength of theme parks reopening and a rapidly growing streaming network. 

The company’s media segment accounted for $12.7 billion, 75%, of that sum, with parks and products making up the balance.

The Mouse is speeding up to Netflix and its 209 million subscribers, with nearly 174 million subscribers between Disney+, ESPN+ and Hulu as of July 3. 

• ESPN+ subscribers grew 75% from the same period last year to 14.9 million.
• Disney+ subscribers doubled to 116 million.
• Direct-to-consumer revenues grew 57% to $4.3 billion, though the segment still took a $300 million loss.

The pandemic weighed on the company’s revenues, as “higher advertising revenue from the return of live sports programming was more than offset by higher sports programming costs,” Disney noted, citing the NBA and MLB as the main drivers of its elevated broadcast expenses.

The company saw a similar effect in its international channels. The return of live Indian Premier League cricket matches fueled revenue growth of 29% year-over-year to $1.4 billion, but increased production costs shrunk segment profits 23% to $169 million.

Disney’s stock price rose over 5% in after-hours trading.

Last year, the number of golfers in the U.S. increased by 500,000 to 24.8 million, per the National Golf Foundation. This past June, rounds played during were up 19% from 2017-2019.

Callaway and Acushnet — Titleist’s parent company — both reported second-quarter earnings in the last week, further showcasing just how much the $84 billion industry has grown recently.

Callaway saw net revenue jump from $617 million to $914 million, with golf equipment and soft goods revenue increasing 98% to a record $588 million.

• In the first full quarter since Callaway finalized its $2.6 billion Topgolf acquisition, the subsidiary overperformed, recording $325 million in revenue. 
• Callaway already owned a 14% stake in Topgolf after an investment in 2006 but announced in October 2020 that it would purchase the rest.

Chip Brewer, president and CEO of Callaway, says the company is well-positioned for long-term growth despite supply constraints caused by the pandemic.

Acushnet also had an impressive second quarter, with net sales increasing 108.3% year-over-year to $624.9 million. However, the company said it also expects an interruption in the supply chain going forward.

Lionel Messi signed a two-year deal with Paris Saint-Germain on Tuesday, and a portion of his contract is being paid in cryptocurrency fan tokens, according to the French soccer club. 

The two-year, $41 million deal for the international superstar includes bonuses, a third-year option, and a reported $30 million signing-on fee. 

Messi’s “welcome package” also included “$PSG Fan Tokens.” PSG did not disclose how many tokens Messi received, but said the amount was “significant,” per Reuters. Tokens allow holders to vote on decisions related to soccer clubs and have become a new source of revenue. 

Fan tokens have generated nearly $200 million in revenue for partner clubs in 2021, according to Socios.com. 

Messi joins several athletes who are getting paid in some form with crypto. 

• Tom Brady struck a partnership with FTX in exchange for an equity stake and an unspecified amount of cryptocurrency.
• Top NFL pick Trevor Lawrence agreed to a multiyear sponsorship deal with Blockfolio. The Jacksonville Jaguars QB received his signing bonus in Bitcoin, Ethereum, and Solana.

PSG’s fan token soared over 130% in just five days following speculation of Messi’s arrival to the club. The token has a market capitalization of roughly $52 million and closed at an all-time high of $60 on Tuesday.

DAZN’s Formula 1 rights deal with Spanish company Telefónica is coming under regulatory scrutiny, creating a hurdle for the upstart streaming network.

DAZN had struck a deal with Telefónica in January for exclusive rights in Spain for F1’s 2021, 2022, and 2023 seasons. Telefónica would also carry DAZN’s dedicated F1 channel, and the content would be made available to third-party distributors.

However, Spain’s National Commission of Markets and Competition has told the two sides that the agreement will need to be reworked. The issue relates to terms Telefónica agreed to when it bought a 56% stake in Distribuidora de Televisión Digital for $829.6 million in 2015. 

• The Spanish media giant agreed to make at least half of its premium content, including sports, available to competitors, with costs determined by a regulated formula.
• Renegotiated terms with DAZN will likely reduce the price at which third parties may access DAZN’s F1 content in Spain.

Best known for fighting sports, DAZN offers a wide swath of leagues and tournaments in Spain, including the Premier League, MotoGP World Championship, Copa del Rey, UFC, basketball’s EuroCup, WTA, and Coppa Italia.

The network said this week it expects its subscriber count to reach pre-pandemic levels of around 8 million by the fourth quarter. It said in April it expects around $100 million in 2021 advertising revenue.