Sweet streams (Rafael Henrique/SOPA Images/LightRocket via Getty Images)
It’s the Mickey Mouse Clubhouse… but the celebration’s happening in Mickey’s boardroom. Disney shares popped 7% after it reported expectation-beating sales and profit. Quarterly revenue at the House of Mouse surged 26%, fueled by theme parks and surprisingly strong streaming growth.
All eyes on streaming… Investors were eagerly awaiting Disney+ subscriber numbers for indicators on the streaming industry’s growth prospects. Mid-pandemic, streaming’s future looked brighter than Tinker Bell’s wings. Now it’s iffy:
Netflix is no longer the benchmark… for the entire streaming industry. Disney’s #s showed this was a mixed quarter for streamers — read: it’s not all gloom and doom in the streamer-verse. Less than three years after launching, Disney+ is just 70M subs away from catching up to Netflix. But Disney’s streamers (Disney+, Hulu, ESPN+) are still losing billions as it splurges on original content, and now it’s raising prices to curb losses. TBD if that’ll hurt its ambitious goals.