Disney's streaming business (sans ESPN+) turns a quarterly profit

Walt Disney Co. is making massive strides toward making its streaming business profitable, a milestone that comes none too soon as its traditional TV networks continue to decline. The Burbank media and entertainment giant reported overall streaming business revenue of $6.19 billion for the second fiscal quarter of 2024, up 12% compared with a year earlier.

+ — reported an operating loss of $18 million for the three-month period that ended March 30, a 97% change from last year, when it reported losing $659 million. The company's 'entertainment streaming' business, which consists only of Disney+ and Hulu , was profitable during the quarter, notching operating income of $47 million, compared with a loss of $587 million a year earlier.

+, streaming revenue of $5.64 billion was up 13% from a year earlier. Overall, Disney generated $22.1 billion in revenue that quarter, up 1% from the same period a year earlier. Sales came in roughly in line with analysts' estimates, according to FactSet. Earnings, excluding certain items, were $1.21 per share, up from 93 cents a year earlier and better than the $1.10 that analysts had predicted, on average.

and ABC channels as the two companies hashed out an agreement. The company's film studio business also struggled, with revenue falling 40% to $1.39 billion for an operating loss of $18 million. Disney posted weak box-office results compared with last year's second quarter, when it had Marvel's 'Ant-Man and the Wasp: Quantumania' and 'Avatar: The Way of Water.

operating income was $778 million, down 2% from the year-earlier period. Meanwhile, its 'experiences' division — which encompasses theme parks such as Disneyland and Walt Disney World; cruise lines and consumer products — continued to drive profit for the company with $8.39 billion in revenue, an increase of 10% from a year earlier. Operating income from the parks division was $2.29 billion, up 12%. The segment accounted for 59% of the company's operating income.

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'Wish' Is Walt Disney Animation Studios' 3rd Most Watched Debut on Disney+Diego Peralta is a News Writer and a Features Writer for Collider. He has also written for several other outlets, including BuzzFeed News, Geeks of Color and Film Inquiry. When he&039;s not watching The Last Jedi again, he&039;s looking for the best burger in town and the next movie that will become a fixation for him.
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