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Disney profit slips but streaming TV subscribers jump
Disney said its profit slipped in the recently ended quarter but its television streaming service and parks were booming.
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In this file photo taken on November 13, 2019 the Disney+ logo is seen on the backdrop for the World Premiere of 'The Mandalorian' at El Capitan theatre in Hollywood. (AFP/Nick Agro)
D
isney on Wednesday said its profit slipped in the recently ended quarter but its television streaming service and parks were booming.
The entertainment giant reported net income of $470 million, just over half of the $912 million profit it made in the same period a year earlier.
But park attendance that had fallen due to the pandemic rebounded and the Disney+ television streaming service gained 7.9 million subscribers to 137.7 million.
When adding in subscriptions to Disney's streaming services Hulu and ESPN, the overall number tops 205 million.
"Our strong results in the second quarter, including fantastic performance at our domestic parks and continued growth of our streaming services once again proved that we are in a league of our own," said Walt Disney Company chief executive Bob Chapek.
He told analysts Disney is open to raising its streaming service subscription price in the future, but has no specific plans. Disney+ is pursuing a version of the service that would be supported by advertising, Chapek said.
Disney+ gained more subscribers than analysts had expected, in stark contrast to a dive in subscriber numbers reported by rival Netflix in the first quarter of this year.
