Disney streaming services turn a profit for the first time – News of the World

The streaming division reported an operating profit of more than a billion CZK after a loss of 11.8 billion crowns in the same period last year.

For several years, Disney and other Hollywood studios have been trying to catch up with the main competitor in the streaming market, which is the company Netflix. The decline of cable television in the United States, which used to be a reliable source of income for them, encouraged them to do so.

In the entertainment industry as a whole, the company generated an operating profit of 1.2 billion dollars (28 billion crowns), which is three times compared to the same period of the previous year. In contrast, operating profit in the theme parks and cruises segment fell three percent to $2.22 billion (CZK 51 billion). The company explained that consumers were less willing to spend money towards the end of the season. The third financial quarter ended on June 29.

At the group level, Disney’s quarterly results beat market expectations. Sales increased four percent to nearly $23.16 billion (CZK 536 billion). Analysts had expected a slightly lower result.