Walt Disney executives provided the first official details on the impact the coronavirus pandemic has had across their businesses, particularly on their theme parks, cruise lines, and experiences, during a quarterly investors call Tuesday.
Disney revealed its earnings plummeted 63% during the second quarter of 2020 when COVID-19 forced the closures of theme parks, theaters, and other consumer-facing facets of the Disney empire.
The company estimates it lost $1.4 billion this quarter, $1 billion from theme parks alone. (And yet Disney still posted $18 billion in quarterly revenue.)
Speaking of streaming, while Disney reaffirmed its commitment and love of the theatrical filmgoing experience, they also reiterated that they will pivot some movies once earmarked for cinemas to digital instead.
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“We also believe that either because of changing and evolving consumer dynamics or because of certain situations like COVID, we may have to make some changes to that overall strategy,” said Disney CEO Bob Chapek.
“We’re going to evaluate each of our movies as a case-by-case situation, as we are doing during this coronavirus situation.”