Disney streaming booms as theaters grapple with pandemic eNCA
Disney+ subscriptions in the recently ended quarter more than doubled from the same period a year earlier to 116 millionORLANDO - US entertainment giant Disney said on Thursday its online streaming services have boomed while it grapples with how to release films as the Delta coronavirus variant drives viewers from movie theaters.
The pandemic prompted Disney to release some films on its streaming service when contracts and conditions allowed with a focus on remaining flexible, according to Chapek. Scarlett Johansson is suing Disney over its decision to release superhero movie"Black Widow" on streaming at the same time as in theaters, alleging a breach of contract which cost the star millions of dollars.
"We value flexibility in terms of making as many last minute calls as we can," Chapek said about the future of theatrical releases for films. Disney debuting all of its films simultaneously on its streaming service could potentially cut movie theater revenue in half, he said.Disney reported a net income of $923-million in the quarter ending July 3, compared with a loss of about $5 million during the same period last year when the pandemic closed its theme parks and other businesses.
"With Disney+'s launch in most major markets in the rearview mirror, the tough work has just begun," said eMarketer senior analyst Eric Haggstrom.
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