Disney’s Losses From Streaming Narrowed in the Last Quarter
Summary
Disney said on Wednesday that losses in its streaming business for the most recent quarter totaled $659 million, an improvement from a year earlier (and a vast improvement from the October-to-December period, when losses totaled $1.1 billion). The problem: Disney still relies on old-line TV channels for a colossal portion of its profit — and those outlets are being maimed by cord-cutting, sports programming costs and advertiser pullback. Unlike most of its competitors, Disney has a safety net in the form of theme parks. Operating profit in the company’s Parks, Experiences and Products division climbed 22 percent, to $2.2 billion, as Disney resorts in Shanghai and Hong Kong finally began to recover from the pandemic. Disneyland Paris continued its attendance surge, which started last summer with the opening of a Marvel-themed expansion.