Streaming Saves Disney Profits From The Red

Disneyland is still closed, but Disney+ kept the Mouse afloat.

Disney’s theme parks lost $119 million in the final quarter of 2020, compared to a $2.5 billion profit in the same quarter last year, but pre-tax revenue narrowly surpassed losses for the media giant, thanks in part to Disney+’s rocketing subscriber base.

The company eked out $0.02 in earnings per share, far below the $1.17 figure from the previous year, but better than expectations.

• Disney+ subscribers reached 94.9 million on January 2, more than tripling over the last year.
• ESPN+ subscribers doubled to 12.1 million.
• The company earned less than usual from broadcasting college football and NBA games due to decreased viewership.

California’s Disneyland has been shuttered for nearly a year, with limited reopening scheduled for mid-March. Disney World, leaning on Florida’s more laissez-faire pandemic policies, has been open with alterations since July. 

“Disney+ has exceeded even our highest expectations,” said CEO Bob Chapek, who noted that the company anticipates a stronger 2021 due to theme parks reopening and the expansion of its cricket-fueled streaming service, Disney+ Hotstar, in Asian markets.