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Fourth quarter earnings AND fiscal year earnings are IN! Disney just posted its full report, and we have all the numbers and details for you right here. Unfortunately, domestic parks are not doing too great.
4th Quarter Earnings
For the fourth quarter, Disney posted $21.24 billion in revenue ($21.33 billion estimated). Revenues for the quarter grew 5% compared to the prior-year quarter.
This was in large part due to Disney+ adding nearly 7 million core subscribers in the fourth quarter. Key streaming content in the quarter included theatrical titles Elemental, Little Mermaid and Guardians of the Galaxy Vol. 3. Original series Ahsoka and the Korean original series Moving also contributed.
Disney added 7 million streamers in the fourth quarter.
Another key factor was the Parks segment. While international parks did better than domestic parks, operating income increased 31% compared to the prior-year quarter. Domestic Disney Parks and Experiences increased income by 9% for a total of just a little over $67 million vs last year.
Mr. Iger stated that the attendance and spending at Walt Disney World weren’t as strong. The company blames that on the downturn of the 50th anniversary, inflation, and the closure of the Galactic Starcruiser for its lower results.
Fiscal Year 2023
For Fiscal Year 2023, Disney reported a revenue of $8.8 billion. Looking at Fiscal Year 2022 ($8.2B) that’s an increase of about 6 billion in revenue. Wow!
Again, a large part of that was due to growth on Disney Cruise Line, the opening of The Villas at Disneyland Hotel, and international parks. Disney did have to combat lower results at domestic parks and resorts, most notably in Florida.
Bob Iger noted that there will be four key building opportunities for The Walt Disney Company’s success:
- achieving significant and sustained profitability in the streaming business
- building ESPN into the preeminent digital sports platform
- improving the output and economics of its film studios
- turbocharging growth in our parks and experiences business (and that includes the promised 60 billion investment)
To read the report in its entirety, click HERE.
Hopefully we will see the majority of that investment at Disney World and Disneyland.
Do you agree that Disney is struggling with its domestic parks? Let us know in the comments below, and share this post with a friend.
Chad
Thursday 9th of November 2023
Wish I could send this privately, but 8.2b increased to 8.8b is not an increase of 6 billion dollars.
Suzanne Coppola
Thursday 9th of November 2023
I am currently in Disneyland Tokyo. All you have to do is tour these two parks to remember what our magic kingdom used to be. Cast members costumes fit well, are freshly pressed and have amazing detail. There are a whole lot more Christmas decorations than we have had in quite sometime. Everything is very clean. Everything looks like it was just painted. Remember those days in out parks? It makes me very sad. FYI the one day ticket cost approx 85 bucks and the deluxe hotel on property was 2/3 what we pay back home.