Technology

Disney + added 7.9 million followers in the last quarter

Disney + added 7.9 million subscribers in the last quarter to a total of 138 million worldwide, the company announced Wednesday, helping it avoid streaming delays that slowed Netflix stock prices.

Like most media companies, Disney stock was hit hard by Netflix last month’s announcement that it lost 200,000 subscribers in the first three months of the year and is expected to lose two million this quarter. After years of applauding media companies for losing billions in streaming, investors are using pressure to find a path to profit.

The release of movies like Pixar’s “Turning Red” helped Disney + attract subscribers in the first quarter, which ends on April 2nd. Disney shares rose about 4 percent in after-hours trading after the earnings announcement.

Disney’s results are good news for Bob Chapek, chief executive, who has dealt with the public relations crisis caused by the company’s response to Florida school law, among other things, limiting classroom discussions about sexual orientation and sexual orientation. (Disney is the state’s largest private employer.)

Initially, the company refused to speak out against the public bill, but denied it after an internal rebellion. Chapek later denounced the tariff, which made him jealous of conservatives, including Florida Ron DeSantis. Last month, Republican lawmakers in Florida repealed a 1967 bill that allowed Walt Disney World to operate in its own federal state. Following the unrest, Geoff Morrell, who joined Disney in January as the government’s top public relations and communications executive, resigned last month.

Disney’s revenue rose 23 percent year-on-year to $ 19.2 billion, but missed analysts’ expectations. Disney says it has benefited from the decision to pull some of its content back from other distributors to support its own channel, which means cutting $ 1 billion in license revenue as part of a deal to expand direct contact. Consumer business.

Disney reported earnings per share of $ 1.08, beating analysts’ expectations of $ 1.17.

Disney’s theme park is booming from last year, when an outbreak of Kovid-19 has caused a flurry of visitors. Revenue in the department doubled compared to the same period last year, with the new cross-lane driving system increasing.

As streaming services gain more followers, India is becoming an important market. Deep-pocketed media companies are preparing to bid for the rights to a cricket match from the popular Indian Premier League. Disney now has the right to broadcast the competition in its Hotstar service, which it acquired in its 2019 megadeal with 21st Century Fox. Losing those rights can be devastating. However, Chapek said Disney could achieve its booking goals even if it did not retain those rights.

This is a developing story. Check back later for more details.

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