Disney’s amusement parks were running smoothly again at the end of the year and, despite the ongoing corona crisis, were able to look forward to increasing visitor numbers.
(Photo: AP)
new York Walt Disney is making profits thanks to strong demand for its streaming service and amusement parks that are again well frequented. In the past quarter, the US group achieved a net profit of 1.15 billion dollars after only 29 million dollars in the same period last year. According to data from Wednesday, the Netflix competitor Disney+, which has only been on the market for a good two years, had 129.8 million subscribers worldwide at the start of the year. That’s 35 million more than a year earlier and also more than analysts expected.
Disney’s quarterly report caused enthusiasm on the stock market. The stock jumped 8 percent in after-hours trading.
Experts looked primarily at the growth of Disney +. The streaming provider is currently promoting viewers with series from the Star Wars universe such as “The Book of Boba Fett”, a Beatles documentary by filmmaker Peter Jackson and the Marvel series “Hawkeye”.
The streaming service, which was launched in November 2019, significantly exceeded forecasts with 11.8 million new subscribers and had almost 130 million customers by the end of 2021.
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Like Internet streaming pioneer Netflix, Amazon and Apple, Disney is investing heavily in new productions. By the end of the 2024 financial year, the group wants to reach 230 to 260 million subscribers. Netflix disappointed in January with its gloomy outlook for new business: The group, which currently has almost 222 million subscribers, only expects 2.5 million new customers from January to March.
Comeback of theme parks and resorts
Disney’s other streaming services, Hulu and ESPN+, also saw strong year-over-year subscription growth. The balance sheet benefited above all from the comeback of theme parks and holiday resorts, which had to close temporarily due to the pandemic. Here, Disney doubled its revenue and made an operating profit of $2.5 billion. A year ago, the division lost $119 million.
In addition to the amusement parks and the film business with the streaming offer, Disney also owns cruise ships and various television channels. All together achieved in the first fiscal quarter ended January 1, sales of approximately $ 21.8 billion, 34 percent more than in the same period last year. Amusement park business is expected to gain even more momentum as Omicron worries recede. In the past quarter, revenues doubled to $7.2 billion.
The Disney Group will be 100 years old next year. Company boss Bob Chapek said he was very confident that he would continue to define entertainment “for the next 100 years”.
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