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Be the first with the news that moves the market- After falling to an eight-year low in December 2022, Walt Disney Co. (NYSE:DIS) reported a revenue increase in fiscal 2023
- The media and entertainment giant’s revenues for its Q3 and nine months ended July 1, 2023 grew 4 per cent to US$22.33 billion and 8 per cent to US$66.65 billion, respectively
- Disney cut losses at its Disney+ streaming video services to US$512 million in its fiscal Q3, which wasn’t as steep as its US$1.1 billion loss a year ago
- The Walt Disney Co. opened trading at US$89.97 per share
After falling to an eight-year low in December 2022, Walt Disney Co. (NYSE:DIS) reported a revenue increase in fiscal 2023.
The media and entertainment giant’s revenues for its Q3 and nine months ended July 1, 2023 grew 4 per cent to US$22.33 billion and 8 per cent to US$66.65 billion, respectively.
Disney cut losses at its Disney+ streaming video services to US$512 million in its fiscal Q3, which wasn’t as steep as its US$1.1 billion loss a year ago.
Facing ongoing strike action from writers and actors in the United States, Disney CEO Bob Iger said in a news release that these results reflect “unprecedented transformation” to restructure the company, improve efficiencies, and restore creativity to the centre of the business.
“In the eight months since my return, these important changes are creating a more cost-effective, coordinated, and streamlined approach to our operations that has put us on track to exceed our initial goal of US$5.5 billion in savings as well as improved our direct-to-consumer operating income by roughly US$1 billion in just three quarters,” Iger said in a statement. “While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place, and because of Disney’s core foundation of creative excellence and popular brands and franchises.”
The increases will raise the monthly cost of ad-free Disney+ by US$3, or roughly 27 per cent, to almost US$14. Following the ad-tier launch in the U.S., Disney announced an ad-supported offering will be available in select markets across Europe and in Canada starting Nov. 1.
The new Disney+ and Hulu Bundle ad-free plan launching Sept. 6 adds another option to an already comprehensive slate of subscription plans that are among the best values in streaming today. Beginning Oct. 12, the new pricing for Disney+, Hulu and ESPN+ ad-supported and ad-free plans in the U.S. include: US$7.99 (monthly), US$13.99 (monthly), and US$10.99 for ESPN+ (monthly).
The Walt Disney Company’s segments include Disney Media and Entertainment Distribution (DMED) and Disney Parks, Experiences and Products (DPEP). The DMED segment encompasses the company’s global film and episodic television content production and distribution activities.
Disney+ is the dedicated streaming home for movies and shows from Disney, Pixar, Marvel, Star Wars and National Geographic, along with “The Simpsons” and others.
The Walt Disney Co. opened trading at US$89.97 per share with a near 2 per cent gain by midday trading. Though it has risen 2.2 per cent year to date, its stock has fallen 24.4 per cent since this time last year.
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