Six takeaways from Disney’s quarterly earnings call – Gist It

Six takeaways from Disney’s quarterly earnings call

Disney’s quarterly earnings demonstrate the company’s efforts to navigate shifting consumer behaviour, cord-cutting, and a weakened ad market.

Key takeaways: Disney’s CEO, Bob Iger, identified three areas of growth potential during the earnings call – films, parks and cruises, and streaming services.
* Revenue from park visits and cruises rose by 13% to $8.3 billion, despite lower attendance at Walt Disney World in Florida, which was offset by higher attendance at parks in Shanghai and Hong Kong.
* Earnings from Disney’s direct-to-consumer streaming services like Disney+, ESPN+, and Hulu increased by 9% to $5.5 billion, aided by increased subscription prices.
* On the other hand, Iger acknowledged disappointment in the recent movie releases, although he expressed optimism by pointing to the company’s history of success in the film industry.

The crunch: There’s growing speculation about the future of Disney’s linear networks such as ABC, FX, and National Geographic, especially with the declining revenues.
* Revenues for these linear networks dropped 7% to $6.7 billion, and operating income fell 23% to $1.9 billion.

Strategic partnerships: The company recently announced a $2 billion deal with PENN Entertainment as part of an expansion into sports betting.
* ESPN will serve as a “branded sportsbook for fans”, according to ESPN Chairman Jimmy Pitaro.

Leadership and speculation: CEO Bob Iger’s contract was recently extended to December 31, 2026, despite rumours of a possible acquisition of Disney by a tech company such as Apple.
* Iger dismissed the speculation, assuring that it was not something the company is obsessing about.

View original article on NPR

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August 10, 2023

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