Business

Disney focuses on streaming as it falls to a loss

Disney plans to launch a new streaming service outside the US and release Mulan to its Disney+ streaming site next year as the media giant tries to build on its early streaming success.

The new service will operate under the Star brand and stream a wider variety of content than Disney+.

The firm said Disney+ had already attracted 60.5 million subscribers.

But the media giant reported enormous losses due to the pandemic as its theme parks closed.

Disney lost $4.7bn (£3.6bn) in the three months to 27 June, as the virus forced it to close theme parks and delay film releases and production.

That was down from nearly $1.8bn profit in the same period last year.

It said the pandemic was responsible for a $3bn hit to its operating income – mostly due to the disruption to its theme parks, where revenues plunged 85% compared to 2019, chief financial officer Christine McCarthy said.

Overall revenue fell 42% compared with last year to $11.8bn.

Disney plans to launch a new streaming service outside the US and release Mulan to its Disney+ streaming site next year as the media giant tries to build on its early streaming success.

The new service will operate under the Star brand and stream a wider variety of content than Disney+.

The firm said Disney+ had already attracted 60.5 million subscribers.

But the media giant reported enormous losses due to the pandemic as its theme parks closed.

Disney lost $4.7bn (£3.6bn) in the three months to 27 June, as the virus forced it to close theme parks and delay film releases and production.

That was down from nearly $1.8bn profit in the same period last year.

It said the pandemic was responsible for a $3bn hit to its operating income – mostly due to the disruption to its theme parks, where revenues plunged 85% compared to 2019, chief financial officer Christine McCarthy said.

Overall revenue fell 42% compared with last year to $11.8bn.

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