Iger moves on to Parks: Mentions the end of the reservation system at Walt Disney World in 2024. Price increase for ad-free Disney+ is planned for later this year. Iger touts the success of advertising option on Disney+, says an ad-supported tier will come to Europe later this year. Hulu will be added to Disney+ by the end of the year Iger announces new "one app experience" coming to the US. Iger talks about the reorganization of the company, including cost-cutting, which means layoffs among other things. Then touts opening weekend success of Guardians of the Galaxy Vol. Let's Gooooo.īob Iger starts the call, and does so by congratulating Universal for The Super Mario Bros. If you'd like a preview of the live-action The Little Mermaid, the complete version of "Part of Your World" is playing as part of the pre-show hold music.Īnd the Q2 2023 earnings call is underway. Parks revenue was up 17% while operating income was up 23%Īnd the audio webcast is now up as we wait for the call to start and it's playing Tron music, which is a nice way to start any event in my opinion. The Media and Entertainment Division saw revenue rise 3%, while operating income was down 42%, which isn't a surprise, as Disney+ is still operating in the red. Quick look at the financials, and I'm not going to bore you with too many numbers, but TWDC revenue was up 13% compared to the same quarter last year. Assuming the parks saw a boost in attendance, the DPEP division should be in very good shape. On the theme park side, which is highly lucrative for Disney, we saw major attraction openings on both coasts with Mickey and Minnie's Runaway Railway opening at Disneyland and Tron: Lightcycle Run coming to Magic Kingdom. The first three months of 2023 were mostly dominated by the continued success of Avatar: The Way of Water, and the release of Ant-Man and the Wasp: Quantumania, which despite it maybe not living up to expectations is still one of the highest-grossing films of the year so far. Thousands of layoffs have taken place in the last few weeks but it's unlikely those losses will drastically impact the bottom line in the short term. It will be interesting to see how things shake out. We're about a half hour out from the earnings call and financial info should drop when the markets close.
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