After making its first anniversary, Disney+ lifted Walt Disney Co result in less revenue loss than predicted in the fourth quarter of the year. Meanwhile, Netflix, Disney+ Hotstar, Prime Video Will Now Be under the eye of the Government of India.
The new streaming customers and the re-opening of theme parks have sent Disney shares up to 5.4% after reporting the quarter earnings with a revenue drop of 23% to $ 14.7 billion. The pandemic eating up the company's significant revenue-generating source of theme parks and movie studios, Walt Disney Company solely depended upon its online platform of Disney+.
The online streaming platform Disney+ far exceeded the expectation and reported over 73 million subscribers in their quarterly earnings reports. "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," said Bob Chapek, Chief Executive Officer of Disney, in a statement.