The Coronavirus Pandemic has devastated several businesses, but one entertainment tycoon and media conglomerate found a way to stay afloat with its streaming service.
Disney Plus carried the company through the pandemic which hit the house of mouse particularly hard when you think of all the cruises canceled, parks deserted, and film sets shuttered for more than a year.
The Disney Plus platform was a bit of a saving grace for families during the lockdowns.
(Thank you Soul for keeping the family calm during Christmas)
The platform grew to more than a 103 million subscribers in little more than a year.
Even with that epic growth spurt the numbers fall short of the 110 million subscribers many on wall street were expecting.
But when it comes to profits, Disney is rebounding in a big way.
The company reported earnings of $912 million in the most recent quarter. That’s up 95% from $468 million last year.
Disney Plus’ growth is significant. However, there are still concerns about lags in the platform’s growth that have caused a decline in stocks.
There are several possible reasons behind the lag, including Disney Plus raising the cost of its monthly subscription by $1 in March.
But Disney CEO Bob Chapek says the company didn’t see any significant cancelations since the price increase.
With Covid-19 vaccinations ramping up and pandemic restrictions being loosened it stands to reason that the rest of the company could start seeing a big influx of cash.
After all Walt Disney World is still the happiest place on the planet.