August 7, 2020
Disney Posts a Loss for the First Time in 20 Years
Disney has been arguably the most successful movie studio of the last 50 years, but this year, it’s losing.
Disney is one of the most powerful entities in Hollywood. It controls Pixar, Star Wars, Marvel, Disney animation, ABC, ESPN, and a whole lot more. It has money coming in from almost every angle. But this year the king is losing money just like the rest of the serfs.
In fact, Disney lost $4.72 billion in the last 3 months ending June 27, with total revenue falling 42% to $11.8 billion.
To put that into perspective, at this time last year, the company earned a profit of $1.43 billion in the same quarter.
Obviously, pushing releases like Black Widow and Mulan changed the fate of the company. The coronavirus halting theatrical hit everyone hard, but the company may gain some ground back with Mulan releasing digitally.
This money also takes into account park sales, which have been dormant.