LOS ANGELES (CBSLA) — Despite the continued closure of its parks and the delayed release of numerous films, The Walt Disney Co. reported better-than-expected revenues and losses for the fourth quarter.
On Thursday, Disney CEO Bob Chapek pointed to streaming services, including Disney+, for the boost.
“Even with the disruption caused by COVID-19, we’ve been able to effectively manage our businesses while also taking bold, deliberate steps to position our company for greater long-term growth,” Chapek said in a statement. “The real bright spot has been our direct-to-consumer businesses, which is key to the future of our company.”
Thursday marks the one-year anniversary of the launch of Disney+. Chapek announced that the service has more than 73 million subscribers, “far surpassing our expectations in just its first year.”
However, the CEO did not gloss over the losses that company has experienced due to the coronavirus pandemic.
According to Variety, Chapek took aim at California Gov. Gavin Newsom for refusing to allow Disneyland to reopen.
“We are extremely disappointed that the state of California continues to keep Disneyland closed despite our proven track record,” Chapek said on a call with analysts.
California health restrictions will keep the Disneyland Resort in Anaheim shuttered through at least the end of the year, even as parks and resorts around the world have reopened at limited capacity, including Disney World in Orlando, Florida.
Disney’s cruise line has also been stagnant due to the pandemic, along with television and film production and the release of several major blockbusters.
The company reported fourth-quarter revenues of $14.7 billion, besting analyst anticipations.
Disney’s Parks, Experiences and Products segment reported nearly $2.6 billion in revenue for the fourth quarter, a 61% drop from the same quarter last year. The Direct-To-Consumer segment, however, reported $4.8 billion in revenue in the quarter, a 41% year-over-year increase.
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