The Walt Disney Company
The company reported a revenue of $19.25 billion in the quarter. Disney announced during the call that there are 205 million subscribers across all of its direct-to-consumer services, including 7.9 million new subscribers to Disney+, which keeps Disney on track to reach 230 to 260 million subscribers by fiscal year 2024.
“As we look ahead to Disney’s second century, I am confident we will continue to transform entertainment by combining extraordinary storytelling with innovative technology to create an even larger, more connected, and magical Disney universe for families and fans around the world,” said Bob Chapek, Chief Executive Officer, The Walt Disney
News about Disney Media and Entertainment Distribution (DMED)
Disney currently has over 500 local original titles in various stages of development and production, and 180 of those titles are slated to premiere before the end of the fiscal year. One example from Chapek is Nautilus, which is based on the film 20,000 Leagues Under the Sea. The new title will be an origin story of the iconic submarine from the perspective of Captain Nemo.
By the end of quarter three, Disney plans to roll out Disney+ to 53 new markets across Europe, Africa, and West Asia. Disney+ will debut in South Africa next week. The streaming service will launch an ad-supported version in the United States by the end of the calendar year, and internationally by 2023.
The remainder of the year will see many new shows and movies debuting on Disney+ and in theaters. Disney+ will see the highly anticipated Obi-Wan Kenobi series and Ms. Marvel. Disney fans can book a seat at their local movie theater to see Thor: Love and Thunder, Black Panther: Wakanda Forever, and Lightyear.
News about Disney Parks, Experiences and Products (DPEP)
Disney Parks, Experiences and Products revenues for the quarter increased to $6.7 billion compared to $3.2 billion in the prior-year quarter. Per capita guest spending at the domestic theme parks increased by over 40% versus quarter two of fiscal 2019, and 20% versus quarter two of 2021.
Chapek mentioned that new story-telling experiences like Star Wars: Galactic Starcruiser are getting rave reviews and guest experience ratings are “incredibly high.” The hope is the same with the upcoming attraction opening, Guardians of the Galaxy: Cosmic Rewind, which officially debuts on May 27, 2022, at EPCOT. Chapek also mentioned that the company is encouraged by the trends in terms of the number of guests who purchase Genie+, the new extra-cost service that allows guests to book lightning lane passes for high-demand attractions.
Disney is still choosing to limit attendance with the park reservation system to balance demand and attendance to make a seemingly more positive experience for guests at the theme parks. The company is planning to increase attendance through capacity. This means as character meet-and-greets, nighttime spectaculars, and new attractions open at both Walt Disney World and the Disneyland Resort, the park capacity will increase because guests will have somewhere to go besides the already crowded walkways.