Disney made $21.8 billion in the last quarter, which is 13% more than before. Disney has a lot of cool stuff like theme parks, resorts, movies, and TV channels like Disney+, Hulu, ESPN+, and ABC.
People going to theme parks and resorts made a lot of money this quarter. Disney’s Parks, Experiences, and Products made $2.2 billion, which is 20% more than before.
Disney’s physical store deals did better than their streaming services. The company’s profits were not fairly distributed among its various departments.
Disney+ had 157.8 million paid customers this quarter, which is four million less than before. ESPN+ climbed marginally to 25.3 million subscribers, while Hulu remained stable at 48.2 million.
Bob Iger, the CEO of the Walt Disney Company, said that Disney+ had decreased partly because it was going through a maturation process.
In 2019, the streaming service was launched with the aim of filling the digital shelves to the brim, as stated by Iger. He said they made too much content that didn’t get enough subscribers, so they’re going to make less.
Disney+ raised the price of its ad-free plan from $7.99 to $10.99 late last year. Rick Munarriz, an analyst at The Motley Fool, says it’s a big 38% increase, even though it’s only three dollars.
That day, Iger said that they will be raising prices again. Munarriz believes that giving less fresh content while raising pricing is a risky business choice for Disney. It’ll need a lot of magic to make that balance work, he says.
Disney said earlier this year that it would lay off 7,000 people worldwide in order to save more than $5 billion in expenditures. We moved the departments that make and send out movies and TV shows to one place.
Trouble in Showbiz: Today’s earnings report comes at a time when the entertainment industry is experiencing severe layoffs. The company reduced its workforce by 25%. Warner Bros. Discovery owes billions of dollars.
Disney is doing better than its competitors, even though it had to lay off some people. Munarriz says this is because Disney has a system that helps them handle changes in different parts of their business. It wasn’t a perfect report, but it could’ve been much worse.
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The Disney-Florida feud: During the Q&A session today, Iger talked about Disney’s ongoing struggle with the State of Florida over wrestling.
Disney is suing Florida Governor Ron DeSantis for violating their First Amendment rights. They claim that the government has been retaliating against them.
Disney’s ex-CEO started a fight over a year ago by saying he’d try to change a law that stops talking about sexual orientation and gender identity in schools. The lawsuit is just the latest part of this feud. Critics have nicknamed the law ‘Don’t Say Gay’.
It is officially known as the ‘Parental Rights in Education Act’. On May 10th, V.P. Dimitrov, CFA tweeted a detailed analysis. Take a look at this tweet:
What to expect as @WaltDisneyCo reports its quarterly results later today? As useless as quarterly forecasts are, I believe there is a case to be made that the quarter will be received as a positive by the market. Why? See the comments below $DIS @SeekingAlpha #investing pic.twitter.com/bFvIPERlZr
— V. P. Dimitrov, CFA (@VladPDimitrov) May 10, 2023
DeSantis took away Disney’s ability to govern itself by signing a new law. Iger appeared both annoyed and determined when talking about Florida today. He noted that Disney is one of the state’s most popular tourist destinations, employing approximately 75,000 people.
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He said, “We certainly never expected to be in the position of having to defend our business interests in federal court, particularly having such a terrific relationship with the state as we’ve had for more than 50 years.”
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