Disney Parks Report $2 Billion Dollar Loss Over COVID Closures in the Third Quarter
We’ve been bracing for impact for impact of The Walt Disney Company’s Third Quarter reports and they have just landed. They have reported that due to the COVID closures that ultimately had all of their Theme Parks in the world closed at one time, they lost a whooping $2 Billion Dollars in their Parks, Experiences, and Products division.This amounts to a 85% decrease in revenues.
However, there is some good news to pass along. Disney+ saw a dramatic increase in subscribers up to over $60 million which is up from 33.5 million from the second quarter.
“Despite the ongoing challenges of the pandemic, we’ve continued to build on the incredible success of Disney+ as we grow our global direct-to-consumer businesses,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “The global reach of our full portfolio of direct-to-consumer services now exceeds an astounding 100 million paid subscriptions — a significant milestone and a reaffirmation of our DTC strategy, which we view as key to the future growth of our company.”
The fiscal third quarter for The Walt Disney Company ran from March 29 to June 27, 2020, so the reopening of Walt Disney World, domestically, and other Parks internationally is not included and should help boost results for the fourth quarter.
Image: The Walt Disney Company
In total, the Walt Disney Company is estimating that the net adverse impact of COVID on the third quarter amounts to $2.9 billion dollars.
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Image/Source Credit: Disney
