Disney+ blooms in India, where subscribers pay $20 a year or less

Disney Claims First Annual Loss in Over 40 Years Reports Revenue Loss of $5 Billion! Spencer Baculi

The California-based company said revenue fell 23pc for the three months to October 3, to $14.71bn, compared to the same period past year. The company had better-than-expected quarterly results in its media networks, parks and direct-to-consumer and worldwide segments.

The Walt Disney Company shared its Q4 earnings today, so we've had a LOT of Disney news coming out!

Subscriptions to Disney+ hit 73.7 million as of October 3, the company said, up from more than 60 million reported in August. Subscribers to Disney's main streaming bundle - Disney Plus, ESPN Plus and Hulu - top 120 million.

One year ago, Bob Iger and Walt Disney Co. launched their flagship streaming service Disney+ with the intent of building a modern entertainment company that could dominate the fast-changing industry well into the future. "It has quickly exceed our highest expectations".

Disney shares, which closed Thursday down 1.7% at $135.52, jumped about 6% in after-hours trading after the earnings release. Disney's revenue fell to $14.7 billion (compared to $19.1 billion during Q4 2019), with a loss of $0.39 per share.

As for its film division, production delays to upcoming Marvel films such as Black Widow and The Eternals and the continued widespread closure of theaters drove led to Disney pulling in just $1.6 Billion, a drop of $1.71 Billion from its $3.31 Billion cinematic revenue in 2019. ABC benefitted from lower programming costs and higher affiliate revenue, as well as an extra week in the quarter. Its cruise ships are languishing in port.

Disney+ subscribers hit nearly 74 million as COVID-19 brings big losses
More Quick Service Options Reopening at Walt Disney World as Crowd Levels Grow

Walt Disney World was operating at 25% of its prior COVID-19 capacity, but Bob Chapek confirmed that they are now operating at 35% capacity while still maintaining physical distancing and other CDC guidelines. Chapek said demand from customers for sailings next year was strong and that he envisions returning to the seas, with passengers in a "bubble" of COVID-19 precautions.

"Unfortunately, we're extremely disappointed that the state of California continues to keep Disneyland closed despite our proven track record", Chapek said.

And of course, while Disneyland Resort may be planning to stay closed through the end of the year, that's no guarantee that reopening will happen even then.

Still, Disney is taking steps to protect its balance sheet amid the pandemic by disclosing plans to not declare a semi-annual cash dividend for the second half of fiscal 2020. Last month, activist investor Dan Loeb urged the company to permanently suspend the payout and redirect those funds to its streaming service. That may be welcome news for investors with an eye on Disney's streaming future, but a landscape in which more big-budget Disney releases skip a theatrical release is likely to cause considerable anxiety among exhibitors who have come to rely on the studio's box-office grosses. The decrease in operating loss was primarily due to improved results at Hulu and ESPN+, partially offset by higher costs at Disney+, driven by the ongoing rollout and a decrease at our global channels.

Profits from the movie studio, meanwhile, tumbled 61pc to $419 million in the quarter. The CEO said that this would be discussed further during the investor day in December.

Prince Charles launches sustainable fashion collection with Yoox Net-a-Porter
Six Italian students from Politecnico di Milano's Fashion in Process (FiP) research laboratory led the design of the collection. In turn, the modern artisans were able to create a timeless collection meant to resonate with a luxury customer's wardrobe.

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