Disney scores with highest animation, but theme parks report problems – News List

In the three months to June, the Disney company turned a profit mainly thanks to the sequel to the movie In the Head 2. The movie from Pixar under Disney became the highest grossing animated movie of all time . Disney also reported that its streaming operations were profitable for the first time.

However, analysts said the company’s overall results were disappointing as its theme parks made less money than expected.

The fall in sales of the theme park, which accounts for more than half of its profits, is partly to blame for the Olympics in Paris, where Disneyland is based. The fall in consumer spending was also to blame, writes the BBC.

Disney, meanwhile, said lower demand at its US parks would continue into the second half of the year.

Media analyst Ben Barringer of Quilter Cheviot told the news site that the false returns “add fuel to the fire​​​​” fears that the US economic recession has caused a slump in global stock markets. .

Disney is also under pressure from audiences that are moving away from traditional TV and movie viewing habits. When it released financial results last May, the company relied on restrictions on password sharing to help increase streaming subscribers.

CEO Bob Iger was even brought out of retirement to help turn the company around, but Barringer says he still has a lot of work to do. “We should expect more problems for the rest of the year,” he said, as the company is still in “turnaround mode.”

He said some of his problems are also due to “Disneyland in Paris having problems because of the Olympics in the city and also because China is going through its own economic problems,” the BBC reported. but he also said that a “stellar return” can be expected from the release of Deadpool & Wolverine.

The Marvel crossover film had an impressive opening weekend in the US -⁠⁠⁠ and became the eighth biggest opening of all time and the best so far this year, the BBC wrote.

“After several years of failures and lackluster successes, Disney has now delivered the highest-grossing animated film ever in a month and a half and the biggest opening for an R-rated film,” wrote a media analyst Moffett Nathanson, before the show at Disney, the results were released. An R rating indicates adult support for youth under the age of 17.

However, he said that the company’s expected return to “form” remains to be seen, as it relies on reliable titles such as Moana the Brave 2 or Mufasa: The Lion King.