ICYMI Sunday night, there was huge news in the entertainment world. Just months after he ousted a popular top executive, Disney's Bob Chapek got a surprise of his own...
That said, overall annual revenue was up 23%, thanks to Disney’s theme park and media entertainment divisions. And Disney said it had signed up a total of 235 million subscribers for its streaming platforms, which include Disney Plus and Hulu.
The issue is that those subscribers came at a horrific cost. Chapek said Disney lost $1.5 billion on streaming over the previous three months. For the past year, the company’s streaming losses are around $4 billion, and more than $8 billion since it launched Disney Plus three years ago. Chapek said he believed that streaming could be profitable in just two years, and that’s not really plausible. Soon after the earnings, he said Disney was going to implement wide cost-cutting measures.
After the earnings report came out, Disney’s stock price plummeted 13% the same day and is down more than 41% this year. At the end of 2020, Disney’s market capitalization was $328 billion. At the end of last week when the markets closed, it was $163 billion.That’s a drop of about 50%. Or, put another way, Disney investors have lost $165 billion of their money on paper over the last 22 months under Chapek.
When the markets opened Monday morning, Wall Street liked the Disney news, as Disney stock opened up about 8%.of Florida’s “Don’t Say Gay Bill,” reacting slowly on an issue that mattered deeply to many Disney employees. And when he did act, he faced backlash from Florida politicians.with Marvel star Scarlett Johansson over the release of"Black Widow" on streaming at the same time it was out in theaters.
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