77% of Disney World Park Passes Are Booked Through End of Year

Share

Instead, it is very much planning to not reopen until next year.

2020 has been a nightmare for the theme park industry, but no location around the world has been hit quite as hard as Disneyland Resort (with the possible exception of the similarly-situated Universal Studios Hollywood). Disney's cruise line business has also been closed for the entirety of the fourth quarter.

All reopened theme parks - Walt Disney World, Hong Kong Disneyland, and Shanghai Disneyland - achieved a net positive contribution in the quarter; meaning that they made back what they spent during reopening but still lost billions.

If there was a single bright spot in Disney's earnings report, it is the success of Disney+.

The gamble on streaming has paid off in a big way so far. Disney+ and Disney+ Hotstar added over 16 million subscribers this past quarter - that's July through September - with the latter helping the most, thanks to the recently-concluded 2020 IPL season.

The company last reported subscriber counts in August, when it said Disney+ had 27.5 million subscribers. Key component Disney+ has grown to 73.7m paid subscribers since launching in November 2019, surpassing expectations.

As the Mandalorian, the bounty hunter from the popular Disney+ show, would say: "This is the way". Chapek did warn that the unpredictability of COVID-19 could cause disruptions. The pandemic led to a $7.4-billion reduction in operating income during the year, the company said.

Disney's parks, experiences and products segment has been crushed by the coronavirus crisis in recent quarters.

Disney reported its fiscal fourth-quarter earnings today, which boosted growth in some areas and losses in others.

Turkish delight for lira after officials' surprise departures
On Saturday night, Turkish President Recep Tayyip Erdogan dismissed central bank boss Murat Uysal for no reason. After Turkish Interior Minister Suleyman Soylu resigned in April, Erdoğan rejected the resignation.

Disney Plus has boomed during the pandemic. Now Disney isn't planning for reopening.

Chapek reportedly specifically went on to complain that the park's reopening plans that they submitted to the state were "science based" and supported by the unions of their employees.

Disney expected Disneyland to remain closed through the current quarter, said Disney finance chief Christine McCarthy.

Disney was forced to shut its theme parks when the pandemic hit, and lay off 28,000 staff in the division after tens of thousands were on furlough for six months. When the company reported a almost $5 billion loss for the three months ended June 27, it was the first quarterly loss since 2001.

The company posted a loss of $710 million, or 20 cents a share, during the quarter, compared with a profit of $777 million a year earlier.

The California-based company said revenue fell 23pc for the three months to October 3, to $14.71bn, compared to the same period a year ago.

Disney reported a deficit of 20 cents a share, excluding some items, in the period ended October 3, compared with the 73-cent loss that analysts expected on average. The company had better-than-expected quarterly results in its media networks, parks and direct-to-consumer and global segments.

Its New York-listed shares rocketed in after-hours trading, having slipped nearly 2pc on Thursday before results were announced after markets closed. Including cable networks like ESPN, earnings at the media division rose five per cent from a year ago to US$1.86 billion, also helped by higher ad revenue.

Share