As bad as things look now for streaming subscriptions and advertising, live events and theme parks are booming — offering a lifeline to entertainment giants that boast this revenue stream.
Consider NBCU, which reported its Q2 results July 28. The company says its U.S. theme parks in Orlando and California are trending above 2019 levels financially. “Obviously the Parks business historically has been subject to macro trends and there’s no reason to think that that won’t be the case in the future,” NBCUniversal CEO Jeff Shell said during Comcast’s earnings call. “When we look at our business we’re just not seeing it yet in our numbers and our performance.
The parks have been an important part of Disney’s recovery story and have helped the company bring down its leverage ratio, which had been high in the early part of the lockdown, Disney CFO Christine McCarthy said at a May 18 MoffettNathanson conference: “Our recovery, primarily driven by theme parks, has really given us the opportunity to take that leverage down.”
“Demand is still insane. If there’s a recession, we aren’t seeing it in that space. Tickets are still flying, and at higher prices than before the pandemic,” this source adds, noting that they were “not sure how long it can last, but there’s no sign of it slowing down anytime soon.”
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