Disney's streaming unit cut its losses in half during the 3rd quarter. But the segment still lost half a billion dollars. - _B_Contreras_
Walt Disney Co.’s latest quarterly earnings report, released Wednesday, illustrates the catch-22 facing big media companies: old-school TV still turns a profit but is on the decline, while streaming is growing but remains a money-loser.
Disney Chief Executive Bob Iger has said the company is considering options for strategic partners for ESPN to help the sports cable behemoth’s transition to a direct-to-consumer model. Iger has also indicated a willingness to weigh options for its TV networks business, including a spinoff of ABC. Subscription is the name of the game when it comes to streamers, and for Disney, that story is mixed. Since last quarter, the company saw slight losses in the number of paying Disney+ subscribers domestically, but slight gains internationally .Disney+ saw growth in its average monthly revenue per paying subscriber both domestically and internationally.
Overall, Disney reported mixed third-quarter results. The company saw adjusted earnings per share, excluding certain items, fall to $1.03 in its third fiscal quarter, down 6% from the same quarter last year. Revenue, however, increased 4% to $22.3 billion. That was thanks in large part to post-pandemic changes at the company’s international parks, especially ones in Shanghai and Hong Kong.
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