Walt Disney’s (US:DIS) new streaming service ‘Disney+’ had secured a whopping 26.5m subscribers by 28 December 2019 – having only launched on 12 November. Management said that this “exceeded even our greatest expectations”. The group’s collection of brands, content and technology mean that “we believe our direct-to-consumer services, including Disney+, ESPN+ and Hulu, position us well for continued growth in today’s dynamic media environment”.
Disney's results for the first quarter reflect the consolidation of TFCF (21st Century Fox) and Hulu, which started last March. Total revenues were up by just over a third at $20.9bn. Net profits from continuing operations were down by 23 per cent to $2.1bn, while diluted earnings per share (EPS) were down by 37 per cent to $1.17. Free cash flow declined by more than two-thirds to $292m.
