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Disney raises $6bn in debt offering as revenue diminishes due to coronavirus

Disney streaming growth slows in Q2

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Iraqi film ‘The President’s Cake’ wins Cannes Directors’ Fortnight audience award

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    Iraqi film ‘The President’s Cake’ wins Cannes Directors’ Fortnight audience award

    Iraqi film ‘The President’s Cake’ wins Cannes Directors’ Fortnight audience award

    Advanced Media showcases RED Cine-Broadcast module featuring V-RAPTOR XL

    Advanced Media showcases RED Cine-Broadcast module featuring V-RAPTOR XL

    UAE Space Agency concludes participation at Make it in the Emirates 2025

    UAE Space Agency concludes participation at Make it in the Emirates 2025

    Arab films to compete at Cannes Film Festival

    Baghdad Film Institute and 1001 announce strategic partnership at Cannes

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    Eutelsat and BHS renew deal for satellite contribution services across MENA

    Eutelsat and BHS renew deal for satellite contribution services across MENA

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    MENA streaming market set to hit $1.5bn by 2025: Omdia

    Egyptian film ‘Seeking Haven for Mr. Rambo’ set for Arab world release

    Egyptian film ‘Seeking Haven for Mr. Rambo’ Trailer nominated for Golden Trailer Awards

    Qatar Sports Investments extends Luis Campos’ role as Sports Advisor until 2030

    Qatar Sports Investments extends Luis Campos’ role as Sports Advisor until 2030

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    MPTS 2025 marks biggest edition yet with record visitor numbers

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      Iraqi film ‘The President’s Cake’ wins Cannes Directors’ Fortnight audience award

      Iraqi film ‘The President’s Cake’ wins Cannes Directors’ Fortnight audience award

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      Eutelsat and BHS renew deal for satellite contribution services across MENA

      Eutelsat and BHS renew deal for satellite contribution services across MENA

      MENA streaming market set to hit $1.5bn by 2025: Omdia

      MENA streaming market set to hit $1.5bn by 2025: Omdia

      Egyptian film ‘Seeking Haven for Mr. Rambo’ set for Arab world release

      Egyptian film ‘Seeking Haven for Mr. Rambo’ Trailer nominated for Golden Trailer Awards

      Qatar Sports Investments extends Luis Campos’ role as Sports Advisor until 2030

      Qatar Sports Investments extends Luis Campos’ role as Sports Advisor until 2030

      MPTS 2025 marks biggest edition yet with record visitor numbers

      MPTS 2025 marks biggest edition yet with record visitor numbers

      Trending Tags

      • broadcast
      • MENA broadcast
      • ConnecTech2019
    • Tech Features
      • All
      • CASE STUDIES
      • New Media
      • REVIEWS
      • TV/Radio Deals
      • Updates from FOMEX
      • Virtual Production Series
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      Playing to win

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      The expanding role of AI in broadcast

      The power of podcasts and audio streaming in MENA

      The power of podcasts and audio streaming in MENA

      Tech strategies for an evolving modern MENA media ecosystem

      Tech strategies for an evolving modern MENA media ecosystem

      SMF and FOMEX bring top industry leaders together in Riyadh – Part II

      SMF and FOMEX bring top industry leaders together in Riyadh – Part IV

      SMF and FOMEX bring top industry leaders together in Riyadh – Part I

      SMF and FOMEX bring top industry leaders together in Riyadh – Part III

      SMF and FOMEX bring top industry leaders together in Riyadh – Part II

      SMF and FOMEX bring top industry leaders together in Riyadh – Part II

      SMF and FOMEX bring top industry leaders together in Riyadh – Part I

      SMF and FOMEX bring top industry leaders together in Riyadh – Part I

      Transforming the entertainment experience with tech

      Transforming the entertainment experience with tech

      Media leaders embrace digital transformation

      Media leaders embrace digital transformation

      Trending Tags

      • Videos
        Ignacio Gonzalez-Nuñez on Eutelsat’s new offering and market leadership

        Ignacio Gonzalez-Nuñez on Eutelsat’s new offering and market leadership

        Francesco Cataldo on iKO Media Group’s CABSAT showcase and broadcast trends

        Francesco Cataldo on iKO Media Group’s CABSAT showcase and broadcast trends

        Deepraj Sandhar on Ross Video’s Middle East growth and broadcast tech trends

        Deepraj Sandhar on Ross Video’s Middle East growth and broadcast tech trends

        Reema Omari

        Reema Omari on Universal Satcom’s growth and connectivity solutions

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        The Power of Podcasts & Audio Streaming in Saudi Arabia

      • Opinion
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        Bridging the Latency Gap with Broadcast in a Streaming World

        YouTube in Ramadan: The silent giant

        YouTube in Ramadan: The silent giant

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        Integrate ME 2023 brings its inaugural edition to successful conclusion

        Empowering the next generation of content creation and live broadcasting with AV PRO

        Decoding the Ramadan Drama Phenomenon: What Makes a Winner?

        Decoding the Ramadan Drama Phenomenon: What Makes a Winner?

        Reviving cultural identity through native storytelling in Abu Dhabi

        Reviving cultural identity through native storytelling in Abu Dhabi

        Why it’s game on for broadcasters of live sport

        Why it’s game on for broadcasters of live sport

        Evision’s transformation proves that business acumen and passion drive success

        Saudi Arabia emerges as the epicentre of Media & Entertainment in 2025

        Film and Beyond: Leapfrogging into the global screen industry

        Film and Beyond: Leapfrogging into the global screen industry

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        • Lounge
        Breaking barriers, building futures: The new face of IABM

        Breaking barriers, building futures: The new face of IABM

        New Leadership, Same Strategy, Sharpened Focus

        New Leadership, Same Strategy, Sharpened Focus

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        Creating Captain Shedeed: A superhero with Arab roots

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        Bringing the wild to the Middle East

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      Home News International News

      Disney streaming growth slows in Q2

      Staff Reporter by Staff Reporter
      May 16, 2021
      in International News, News, OTT/Video Streaming
      Disney raises $6bn in debt offering as revenue diminishes due to coronavirus
      ShareTweetPostEmail

      The Q2 results also showed that even though the Linear Networks division reported revenues for the quarter decreasing 4% on an annual basis to $6.7bn, operating income increased 15% to $2.8bn.

      The number of subscribers to Walt Disney Company’s streaming service Disney+ has reached 103.6m. However, the figures still disappointed Wall Street, which was expecting greater growth. The streaming service has added 8.7m customers over the course of Q2 of the current financial year.

      Revenue in the quarter, which ended April 3, totalled $15.6bn and undershot the consensus forecast from analysts, who had been looking for $15.87bn. The most significant impact was at the Disney Parks, Experiences and Products segment where since late in the Q2 of fiscal 2020, parks and resorts have been closed or operating at significantly reduced capacity and our cruise ship sailings have been suspended.

      The company estimated a $1.2bn hit to the parks division in the quarter due to Covid-19 and said it will spend about $1bn in fiscal 2021 to address government regulations and implement safety measures for employees, talent and visitors.

      Bob Chapek, Chief Executive Officer, The Walt Disney Company, said: “We’re pleased to see more encouraging signs of recovery across our businesses, and we remain focused on ramping up our operations while also fueling long-term growth for the company. This is clearly reflected in the reopening of our theme parks and resorts, increased production at our studios, the continued success of our streaming services, and the expansion of our unrivalled portfolio of multiyear sports rights deals for ESPN and ESPN+.

      Revenue for the media and entertainment distribution division fell 2% to $12.4bn as direct-to-consumer growth was more than offset by continued losses at the content sales/licensing segment. Revenue at linear networks, which includes ABC, ESPN, FX, and all other pay-TV networks, fell 1% to $6.7bn. Domestic affiliate fee revenue in the quarter was up 5%, made up of an 8-point gain from higher pricing partially offset by a 4-point decline from fewer viewers. As expected, broadcast advertising revenue dropped 21% due to lower political advertising, a timing shift for the Oscars, and lower viewership. Segment operating income margin for linear networks improved to 42.2% from 35.3% due to fewer hours of original programming and lower sports rights costs due to the timing of the college football playoffs.

      The company noted that it experienced disruptions in the production and availability of content, including the cancellation or shift of key live sports programming from fiscal 2020 into the Q1 of fiscal 2021, as well as the suspension of production of most film and television content. Although most film and television production resumed beginning in the Q4 of fiscal 2020, it continues to see disruption of film and television production, as well as live sporting events, depending on local circumstances.

      International Channels revenues for the quarter decreased 4% to $1.3bn and operating income increased 27% to $348m. The increase in operating income was driven by lower programming and production costs and an increase in advertising revenue, partially offset by lower affiliate revenue. The decrease in programming and production costs was driven by a higher percentage of content costs being allocated to Disney+ as we continue to launch the service in additional markets, and lower costs as a result of channel closures.

      Direct-to-Consumer revenues for the quarter increased 59% to $4.0bn and operating loss decreased from $0.8bn to $0.3bn. The decrease in operating loss was due to improved results at Hulu, and to a lesser extent, at ESPN+.

      The increase at Hulu was due to subscription revenue growth and higher advertising revenue, partially offset by an increase in programming and production costs driven by higher subscriber-based fees for programming the live television service. Subscription revenue growth was due to an increase in subscribers and, to a lesser extent, higher rates driven by an increase in retail pricing for the Hulu Live TV+ SVOD service in December 2020. Higher advertising revenue was due to increased impressions.

      The improvement at ESPN+ was driven by subscriber growth and higher income from Ultimate Fighting Championship pay-per-view events.

      The company said that revenues for Disney+ were comparable to the prior-year quarter as an increase in subscribers was largely offset by higher programming and production, marketing and technology costs. It added that the increases in subscribers and costs reflected the ongoing expansion of Disney+ including launches in additional markets.

      The ESPN+ sports service ended the quarter with 13.8m customers, up 75% on an annual basis, while Hulu grew 30% annually to reach 41.6m customers. 37.8m of these were for the basic SVOD package.

      Tags: DisneyESPNESPN+ sportsHulu Live TV+Walt Disney Company

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