Screentime
Disney Rallies After Streaming Surge Helps It Top Estimates
- The company also saw gains at the ABC broadcast network
- CEO Chapek calls Disney+ ‘key to the future of our company’
This article is for subscribers only.
Walt Disney Co. jumped in late trading after adding more online subscribers than predicted last quarter, chipping away at Netflix Inc.’s dominance of the streaming industry.
Though the entertainment titan is still reeling from the pandemic, the growth of Disney+ has softened the blow. Gains at the ABC broadcast network last quarter contributed to a smaller-than-expected fourth-quarter loss. The company also has increased capacity at Walt Disney World to 35% and wrung more than $2 billion in cost savings from its acquisition of Fox’s entertainment assets last year.