The streaming business, along with box office hits like “Inside Out 2” and “Deadpool & Wolverine,” overtook Walt Disney last fiscal year. Additionally, Disney owner Robert Iger’s austerity measures are paying off. Profitability has increased. Both sales and profits were better than analysts expected.
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Iger is planning further profit growth for the new 2024/25 financial year. Disney increased sales three percent in the fiscal year (end September) to $91.4 billion (86.2 billion euros). In the last quarter the increase even reached six percent. The surplus almost doubles to about $5 billion in 2023/24.
Second consecutive win for streaming
Earnings per share, adjusted for special effects, rose by nearly a third to $4.97. Apart from the films being well received by the audience, streaming also contributed to the success. The division posted second consecutive quarterly profit.
Disney had invested a lot of money in its streaming service Disney+ and produced a wide range of series to gain an edge over market leader Netflix. Given the high costs, Iger put the brakes on Disney+. This also includes the production of less expensive series and films from the “Star Wars” and Marvel worlds. Disney’s entertainment business with theme parks and cruise ships was slow at the end of the year, although it grew significantly throughout the year.
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