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2022-02-10
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What variables does Disney's financial report reveal as theme parks recover their revenue and streaming media throws money at them?
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href=\"https://ttm.financial/S/BK0053\">$迪士尼(BK0053)$</a><a href=\"https://ttm.financial/S/DIS\">$迪士尼(DIS)$</a>👍","listText":"<a href=\"https://ttm.financial/S/BK0053\">$迪士尼(BK0053)$</a><a href=\"https://ttm.financial/S/DIS\">$迪士尼(DIS)$</a>👍","text":"$迪士尼(BK0053)$$迪士尼(DIS)$👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9092009602","repostId":"1116074292","repostType":4,"repost":{"id":"1116074292","kind":"news","pubTimestamp":1644474102,"share":"https://ttm.financial/m/news/1116074292?lang=en_US&edition=fundamental","pubTime":"2022-02-10 14:21","market":"us","language":"zh","title":"What variables does Disney's financial report reveal as theme parks recover their revenue and streaming media throws money at them?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116074292","media":"真探AlphaSeeker","summary":"今日早间，迪士尼发布2022财年第一季度财报，全面高于市场预期的成绩让迪士尼成功翻盘。财报显示，迪士尼一季度实现营收218.19亿美元，同比增长34%，高于市场预期的209.04亿美元；实现经营利润3","content":"<p><html><head></head><body>This morning,<a href=\"https://laohu8.com/S/DIS\">Disney</a>Disney released its financial results for the first quarter of fiscal year 2022, with results that exceeded market expectations across the board, leading to a successful turnaround.</p><p>Financial reports show that Disney achieved revenue of $21.819 billion in the first quarter, a year-on-year increase of 34%, exceeding market expectations of $20.904 billion; Operating profit reached US$3.258 billion, an increase of 144% compared to US$1.332 billion in the same period last year; The company achieved a net profit of $1.15 billion, with a net profit margin of 5.27%. Adjusted earnings per share reached $1.06, higher than Wall Street's expectation of 63 cents.</p><p>Last quarter, the number of subscribers to the streaming platform Disney+ grew by only 2.1 million, a record low that once caused the capital market to lose confidence. However, this quarter, the number of Disney+ paid subscribers increased by 11.7 million to 129.8 million; Disney's streaming platforms, including ESPN+ and Hulu, have a total of 196.4 million subscribers, bringing it one step closer to its goal of reaching 300-350 million paying subscribers for streaming services in fiscal year 2024.</p><p>Thanks to better-than-expected earnings per share and the number of subscribers to streaming services, Disney's stock price rose 7.6% in after-hours trading after the earnings report was released, reversing a decline of 8.01% since the beginning of the year and nearly 20% in six months.</p><p>However, despite emerging from the shadow of the pandemic and seeing overall revenue growth, Disney still cannot let its guard down.</p><p><b>Theme park recovery</b></p><p>Disney's total revenue is divided into four parts: cable networks, direct-to-consumer (Disney+, Hulu, ESPN+), content sales, licensing businesses, and theme park revenue.</p><p><img src=\"https://static.tigerbbs.com/1da73aa962ad1cd0a974e61308db52da\" tg-width=\"1066\" tg-height=\"640\" referrerpolicy=\"no-referrer\"/></p><p>Let's first scan the revenue situation of each division:</p><p>Cable network revenue for the quarter was $7.706 billion, flat compared to the same period last year; The direct-to-consumer business (streaming) achieved revenue of $4.69 billion, a year-on-year increase of 34%, but operating losses increased by 27% to $600 million. The financial report also mentioned that the increase in operating losses was mainly due to increased losses from Disney+, and to a lesser extent, losses from ESPN+, which were partially offset by improved performance from Hulu. This also reflects the increase in content, technology, and marketing costs for the three major platforms.</p><p>Content sales and licensing (formerly the film and entertainment segment) generated $2.433 billion in revenue this quarter, a 43% year-over-year increase. Divisional operating results fell from $188 million to $98 million, due to declining theatrical performance and marketing costs incurred at the time of film release.</p><p>The financial report mentioned that during this period, seven films were mainly released, including \"Spider-Man: Heroes Never Return\", \"West Side Story\", \"House of Magic\", \"Kingsman: Origins\", \"Eternal Race\", \"Jade Face\" and \"The Last Duel\". Among them<a href=\"https://laohu8.com/S/SNE\">Sony</a>The collaborative finale to the superhero series, \"Spider-Man: Homecoming,\" grossed $1.777 billion worldwide and received an IDMb rating of 9.0. This high box office performance and positive word-of-mouth have injected a significant amount of capital into Disney.</p><p><img src=\"https://static.tigerbbs.com/8b916ea4215a53b081954d406b07f4fa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>Disney's theme parks, experiences, and merchandise revenue for the quarter was $7.234 billion, doubling year-over-year and exceeding analysts' consensus estimate of $6.4 billion.</b>The division's operating results increased by $2.6 billion to $2.5 billion, compared to a loss of $100 million in the same period last year. The significant recovery in theme park revenue resulted in Disney's second-best quarterly performance ever.</p><p>With the normalization of the pandemic and the improvement of prevention and control capabilities, Disneylands and resorts around the world remained open this quarter, and visitor traffic and per capita consumption revenue are gradually approaching the normal track. The financial report also mentioned that the increase in visitor numbers at Disneyland Paris and Hong Kong Disneyland also boosted the parks' international revenue.</p><p>In addition, at the end of September last year, Lina Belle, a new character launched by Shanghai Disneyland, quickly dominated the topic lists on major domestic social media platforms. The top-tier effect of \"Chuansha Daji\" also correspondingly boosted the number of visitors to the park and the level of consumption in the park.</p><p>However, Disney theme parks, having emerged from the shadow of the pandemic, still face internal concerns.</p><p>In a recent interview, Disney heiress Abigail Disney urged consumers to stay away from companies that treat employees poorly, including Disney theme parks. In her view, \"they drive prices to absurd levels, charge unbelievable prices for burgers, etc., and deprive people of service.\" She advises people \"not to spend money on companies that exploit people,\" and \"if you feel that traveling (to Disneyland) doesn't reflect your values, you really don't need to travel.\"</p><p>This is not the first time Abigail has criticized Disney. In April 2020, after Disney parks suspended the daily work of low-paid employees, she said, \"What the hell is this?\" and said that Disney often \"exploits\" its employees.</p><p><a href=\"https://laohu8.com/S/NYT\">New York times</a>It was previously reported that 75% of Disney employees' salaries were insufficient to cover basic living expenses. After Lina Bell's popularity last year, Positive Connection also mentioned that Lina Bell's puppet actors earn around 6,000 yuan a month, which is the highest-paid among front-line employees. Some puppeteers only earned a little over 700 yuan in three years. They have to maintain a high level of emotion for up to 8 hours a day, but the monthly income they earn can only barely make ends meet. It's hard to say whether the effort and income are directly proportional.</p><p>In contrast to the low salaries of employees, executives receive high salaries and high increases. According to executive compensation disclosures, Disney CEO Bob Chapek's total compensation in 2021 was $32.5 million.</p><p><b>Streaming media spends money</b></p><p>Disney's streaming business has long been highly anticipated, and the overall increase in streaming platform subscribers in this quarter's earnings report has once again revived market confidence.</p><p>Financial reports show that the overall streaming platform added 17.4 million subscribers, bringing the total to 196.4 million. ESPN+ had 21.3 million subscribers, a year-on-year increase of 76%, while Hulu's subscriber growth was slightly limited due to increased bundle prices, with a total of 45.3 million paying subscribers, an increase of only 15% year-on-year.</p><p>Disney+ launched in South Korea, Hong Kong, and Taiwan last November, and its expansion into new Asia-Pacific markets boosted its user base, adding 11.7 million new subscribers this quarter, bringing the total number of subscribers to nearly 130 million. According to forecasts from analytics firm Media Partners Asia, these three markets are expected to generate nearly 5 million subscribers and $330 million in revenue for Disney+ by the end of 2022.</p><p><b>The addition of nearly 12 million users has allowed Disney+ to regain its advantage over its old rival Netflix in the comparison of user traffic.</b>Last month, Netflix added 8.28 million subscribers, lower than the expected 8.5 million. It is projected to add 2.5 million subscribers in Q1 2022, far below analysts' expectations of 5.9 million. This somewhat dismal financial report caused the stock price to fall by nearly 20% in after-hours trading, which also contributed to the decline in Disney's stock price.</p><p><img src=\"https://static.tigerbbs.com/87a4bb94e97a90b19a5125dbe519a1e8\" tg-width=\"1080\" tg-height=\"632\" referrerpolicy=\"no-referrer\"/></p><p>The competition between Disney+ and Netflix for user growth also indicates that competition in the entire streaming media market is intensifying, with major platforms increasing their investment in content and marketing while maintaining their core advantages. For example<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Relying on advertising revenue for a healthy information flow,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>They have hardware facilities and are increasing their own IP content library storage; Netflix has prepared no fewer than 80 movies of various genres, and according to a Financial Times report, Netflix is estimated to invest more than $17 billion in content in 2022.</p><p>Disney is also making frequent moves in its streaming business and has begun to steal Netflix's share of the market.</p><p>Reorganize the management of the streaming media business and establish a new international content creation center. Michael Polvey serves as president of the streaming business, and Rebecca Campbell heads the International Content Creation Center, focusing on expanding regional content in streaming and creating localized content for overseas markets. This move is also seen as imitating Netflix, which currently has more than 340 works in different stages of development and production.</p><p>Disney Chief Financial Officer Kristen McCarthy mentioned in a conference call yesterday,<b>Significant investment was made in streaming in the second quarter, with direct-to-consumer programming and production costs expected to increase by $800 million to $1 billion.</b></p><p><img src=\"https://static.tigerbbs.com/29013ec30eedb6b9ff0f0d91982eeffe\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>Disney's content copyright and \"storytelling ability\" are beyond question, and it also has significant advantages when expanding into overseas markets. However, as one of the most promising markets overseas,<b>Disney's \"connection\" with the Chinese market is not as close as before, and there is a hint of a \"decoupling\" situation.</b></p><p>Marvel's first Chinese-American superhero film, \"Shang Qi and the Legend of the Ten Rings,\" was originally targeted at the Chinese market and starred Chinese-American Liu Simu and Tony Leung. However, it was embroiled in controversy before its import, resulting in the loss of China, a potential box office market. \"Black Widow\" and \"Eternity\" were also unable to meet domestic audiences for various reasons; Disney Animation's 60th animated feature film, \"Full House of Magic,\" was released in China on January 7 this year. Its 6.5 Douban rating and box office of less than 80 million yuan are a stark contrast to its reputation and box office performance in the North American market.</p><p>The time lag in content production, higher content spending, and uncontrollable public opinion in developing overseas markets are all challenges facing Disney. However, Disney got off to a good start with its financial report for the first quarter of fiscal year 2022, which also restored confidence in the capital market. Despite intensified competition in streaming media, this \"big brother\" has continued to attract global attention with its diversified revenue and rich content advantages.</p><p></body></html></p>","source":"lsy1630457571390","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What variables does Disney's financial report reveal as theme parks recover their revenue and streaming media throws money at them?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat variables does Disney's financial report reveal as theme parks recover their revenue and streaming media throws money at them?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">真探AlphaSeeker</strong><span class=\"h-time small\">2022-02-10 14:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This morning,<a href=\"https://laohu8.com/S/DIS\">Disney</a>Disney released its financial results for the first quarter of fiscal year 2022, with results that exceeded market expectations across the board, leading to a successful turnaround.</p><p>Financial reports show that Disney achieved revenue of $21.819 billion in the first quarter, a year-on-year increase of 34%, exceeding market expectations of $20.904 billion; Operating profit reached US$3.258 billion, an increase of 144% compared to US$1.332 billion in the same period last year; The company achieved a net profit of $1.15 billion, with a net profit margin of 5.27%. Adjusted earnings per share reached $1.06, higher than Wall Street's expectation of 63 cents.</p><p>Last quarter, the number of subscribers to the streaming platform Disney+ grew by only 2.1 million, a record low that once caused the capital market to lose confidence. However, this quarter, the number of Disney+ paid subscribers increased by 11.7 million to 129.8 million; Disney's streaming platforms, including ESPN+ and Hulu, have a total of 196.4 million subscribers, bringing it one step closer to its goal of reaching 300-350 million paying subscribers for streaming services in fiscal year 2024.</p><p>Thanks to better-than-expected earnings per share and the number of subscribers to streaming services, Disney's stock price rose 7.6% in after-hours trading after the earnings report was released, reversing a decline of 8.01% since the beginning of the year and nearly 20% in six months.</p><p>However, despite emerging from the shadow of the pandemic and seeing overall revenue growth, Disney still cannot let its guard down.</p><p><b>Theme park recovery</b></p><p>Disney's total revenue is divided into four parts: cable networks, direct-to-consumer (Disney+, Hulu, ESPN+), content sales, licensing businesses, and theme park revenue.</p><p><img src=\"https://static.tigerbbs.com/1da73aa962ad1cd0a974e61308db52da\" tg-width=\"1066\" tg-height=\"640\" referrerpolicy=\"no-referrer\"/></p><p>Let's first scan the revenue situation of each division:</p><p>Cable network revenue for the quarter was $7.706 billion, flat compared to the same period last year; The direct-to-consumer business (streaming) achieved revenue of $4.69 billion, a year-on-year increase of 34%, but operating losses increased by 27% to $600 million. The financial report also mentioned that the increase in operating losses was mainly due to increased losses from Disney+, and to a lesser extent, losses from ESPN+, which were partially offset by improved performance from Hulu. This also reflects the increase in content, technology, and marketing costs for the three major platforms.</p><p>Content sales and licensing (formerly the film and entertainment segment) generated $2.433 billion in revenue this quarter, a 43% year-over-year increase. Divisional operating results fell from $188 million to $98 million, due to declining theatrical performance and marketing costs incurred at the time of film release.</p><p>The financial report mentioned that during this period, seven films were mainly released, including \"Spider-Man: Heroes Never Return\", \"West Side Story\", \"House of Magic\", \"Kingsman: Origins\", \"Eternal Race\", \"Jade Face\" and \"The Last Duel\". Among them<a href=\"https://laohu8.com/S/SNE\">Sony</a>The collaborative finale to the superhero series, \"Spider-Man: Homecoming,\" grossed $1.777 billion worldwide and received an IDMb rating of 9.0. This high box office performance and positive word-of-mouth have injected a significant amount of capital into Disney.</p><p><img src=\"https://static.tigerbbs.com/8b916ea4215a53b081954d406b07f4fa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>Disney's theme parks, experiences, and merchandise revenue for the quarter was $7.234 billion, doubling year-over-year and exceeding analysts' consensus estimate of $6.4 billion.</b>The division's operating results increased by $2.6 billion to $2.5 billion, compared to a loss of $100 million in the same period last year. The significant recovery in theme park revenue resulted in Disney's second-best quarterly performance ever.</p><p>With the normalization of the pandemic and the improvement of prevention and control capabilities, Disneylands and resorts around the world remained open this quarter, and visitor traffic and per capita consumption revenue are gradually approaching the normal track. The financial report also mentioned that the increase in visitor numbers at Disneyland Paris and Hong Kong Disneyland also boosted the parks' international revenue.</p><p>In addition, at the end of September last year, Lina Belle, a new character launched by Shanghai Disneyland, quickly dominated the topic lists on major domestic social media platforms. The top-tier effect of \"Chuansha Daji\" also correspondingly boosted the number of visitors to the park and the level of consumption in the park.</p><p>However, Disney theme parks, having emerged from the shadow of the pandemic, still face internal concerns.</p><p>In a recent interview, Disney heiress Abigail Disney urged consumers to stay away from companies that treat employees poorly, including Disney theme parks. In her view, \"they drive prices to absurd levels, charge unbelievable prices for burgers, etc., and deprive people of service.\" She advises people \"not to spend money on companies that exploit people,\" and \"if you feel that traveling (to Disneyland) doesn't reflect your values, you really don't need to travel.\"</p><p>This is not the first time Abigail has criticized Disney. In April 2020, after Disney parks suspended the daily work of low-paid employees, she said, \"What the hell is this?\" and said that Disney often \"exploits\" its employees.</p><p><a href=\"https://laohu8.com/S/NYT\">New York times</a>It was previously reported that 75% of Disney employees' salaries were insufficient to cover basic living expenses. After Lina Bell's popularity last year, Positive Connection also mentioned that Lina Bell's puppet actors earn around 6,000 yuan a month, which is the highest-paid among front-line employees. Some puppeteers only earned a little over 700 yuan in three years. They have to maintain a high level of emotion for up to 8 hours a day, but the monthly income they earn can only barely make ends meet. It's hard to say whether the effort and income are directly proportional.</p><p>In contrast to the low salaries of employees, executives receive high salaries and high increases. According to executive compensation disclosures, Disney CEO Bob Chapek's total compensation in 2021 was $32.5 million.</p><p><b>Streaming media spends money</b></p><p>Disney's streaming business has long been highly anticipated, and the overall increase in streaming platform subscribers in this quarter's earnings report has once again revived market confidence.</p><p>Financial reports show that the overall streaming platform added 17.4 million subscribers, bringing the total to 196.4 million. ESPN+ had 21.3 million subscribers, a year-on-year increase of 76%, while Hulu's subscriber growth was slightly limited due to increased bundle prices, with a total of 45.3 million paying subscribers, an increase of only 15% year-on-year.</p><p>Disney+ launched in South Korea, Hong Kong, and Taiwan last November, and its expansion into new Asia-Pacific markets boosted its user base, adding 11.7 million new subscribers this quarter, bringing the total number of subscribers to nearly 130 million. According to forecasts from analytics firm Media Partners Asia, these three markets are expected to generate nearly 5 million subscribers and $330 million in revenue for Disney+ by the end of 2022.</p><p><b>The addition of nearly 12 million users has allowed Disney+ to regain its advantage over its old rival Netflix in the comparison of user traffic.</b>Last month, Netflix added 8.28 million subscribers, lower than the expected 8.5 million. It is projected to add 2.5 million subscribers in Q1 2022, far below analysts' expectations of 5.9 million. This somewhat dismal financial report caused the stock price to fall by nearly 20% in after-hours trading, which also contributed to the decline in Disney's stock price.</p><p><img src=\"https://static.tigerbbs.com/87a4bb94e97a90b19a5125dbe519a1e8\" tg-width=\"1080\" tg-height=\"632\" referrerpolicy=\"no-referrer\"/></p><p>The competition between Disney+ and Netflix for user growth also indicates that competition in the entire streaming media market is intensifying, with major platforms increasing their investment in content and marketing while maintaining their core advantages. For example<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Relying on advertising revenue for a healthy information flow,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>They have hardware facilities and are increasing their own IP content library storage; Netflix has prepared no fewer than 80 movies of various genres, and according to a Financial Times report, Netflix is estimated to invest more than $17 billion in content in 2022.</p><p>Disney is also making frequent moves in its streaming business and has begun to steal Netflix's share of the market.</p><p>Reorganize the management of the streaming media business and establish a new international content creation center. Michael Polvey serves as president of the streaming business, and Rebecca Campbell heads the International Content Creation Center, focusing on expanding regional content in streaming and creating localized content for overseas markets. This move is also seen as imitating Netflix, which currently has more than 340 works in different stages of development and production.</p><p>Disney Chief Financial Officer Kristen McCarthy mentioned in a conference call yesterday,<b>Significant investment was made in streaming in the second quarter, with direct-to-consumer programming and production costs expected to increase by $800 million to $1 billion.</b></p><p><img src=\"https://static.tigerbbs.com/29013ec30eedb6b9ff0f0d91982eeffe\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>Disney's content copyright and \"storytelling ability\" are beyond question, and it also has significant advantages when expanding into overseas markets. However, as one of the most promising markets overseas,<b>Disney's \"connection\" with the Chinese market is not as close as before, and there is a hint of a \"decoupling\" situation.</b></p><p>Marvel's first Chinese-American superhero film, \"Shang Qi and the Legend of the Ten Rings,\" was originally targeted at the Chinese market and starred Chinese-American Liu Simu and Tony Leung. However, it was embroiled in controversy before its import, resulting in the loss of China, a potential box office market. \"Black Widow\" and \"Eternity\" were also unable to meet domestic audiences for various reasons; Disney Animation's 60th animated feature film, \"Full House of Magic,\" was released in China on January 7 this year. Its 6.5 Douban rating and box office of less than 80 million yuan are a stark contrast to its reputation and box office performance in the North American market.</p><p>The time lag in content production, higher content spending, and uncontrollable public opinion in developing overseas markets are all challenges facing Disney. However, Disney got off to a good start with its financial report for the first quarter of fiscal year 2022, which also restored confidence in the capital market. Despite intensified competition in streaming media, this \"big brother\" has continued to attract global attention with its diversified revenue and rich content advantages.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/TDwnSWFcK0LZcpl-0fD9Vg\">真探AlphaSeeker</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/65b531510c96749772d2284d1a29a39d","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://mp.weixin.qq.com/s/TDwnSWFcK0LZcpl-0fD9Vg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116074292","content_text":"今日早间，迪士尼发布2022财年第一季度财报，全面高于市场预期的成绩让迪士尼成功翻盘。财报显示，迪士尼一季度实现营收218.19亿美元，同比增长34%，高于市场预期的209.04亿美元；实现经营利润32.58亿美元，相比去年同期的13.32亿美元，增长了144%；实现净利润11.5亿美元，净利润率为5.27%；调整后每股收益达到1.06美元，高于华尔街预期的63美分。上一季度流媒体平台Disney+订阅用户数仅增长210万，史上新低的增长数也曾让资本市场一度失去信心。但本季度，Disney+付费订阅用户数新增1170万至1.298亿；包括ESPN+、Hulu在内迪士尼流媒体平台总订阅人数达到1.964亿，距离2024财年流媒体服务付费用户总数达到3-3.5亿的目标又近一步。得益于超出预期的每股收益以及流媒体服务订阅人数，财报公布之后迪士尼股价盘后上涨7.6%，拯救了开年以来下跌8.01%、六个月下跌近20%的颓势。然而，走出疫情阴霾整体营收上涨的迪士尼仍不能掉以轻心。主题公园回血迪士尼总营收划共分为四部分，分别是有线网络、直接面向消费者（Disney+、Hulu、ESPN+）、内容销售、授权业务以及主题公园收入。先来扫描各分部的营收情况：有线网络本季度收入为77.06亿美元，与同期持平；直接面向消费者业务（流媒体）实现营收46.9亿美元，同比增长34%，但运营亏损增长27%至6亿美元，财报中也提到，运营亏损的增加主要是由于Disney+的亏损增加，较小程度上是ESPN+的亏损，部分被Hulu业绩的改善所抵消，这也反映出三大平台内容、技术、营销成本的提升。内容销售、授权业务（原影视娱乐部分）本季度收入为24.33亿美元，同比增长43%。部门运营结果从1.88亿美元下降至9800万美元，造成下降的原因影院业绩的下降以及影片发行时产出的营销成本。财报中提到，这期间主要发行了《蜘蛛侠：英雄无归》《西区故事》《 魔法满屋》《王牌特工：源起》《永恒族》《玉面情魔》和《最后的决斗》等七部影片。其中与索尼合作的英雄系列完结篇《蜘蛛侠：英雄无归》全球票房达到17.77亿美元、IDMb评分9.0，高票房与高口碑为迪士尼注入了不少的资金。迪士尼主题公园、体验和衍生品在本季度收入为72.34亿美元，相比同期增加了一倍且高于分析师普遍预计的64亿美元，部门运营结果增加26亿美元至25亿美元，上年同期为亏损1亿美元。大幅回血的主题乐园收入，创下了迪士尼有史以来第二好的季度业绩。随着疫情的常态化及防控能力的提升，全球迪士尼乐园及度假区在本季度均处于开放状态，客流量和人均消费收入逐步接近正轨。财报中也提到，法国巴黎迪士尼乐园与中国香港迪士尼乐园的游客数量增加也带动了乐园国际收入的上涨。此外，去年9月底，上海迪士尼乐园推出的新人物玲娜贝儿，迅速占领了国内各大社交平台话题榜，“川沙妲己”的顶流效应也相应带动了乐园游客游览人数以及乐园消费水平的提升。但是，走出疫情阴霾的迪士尼主题乐园，仍有“内忧”。前段时间，迪士尼继承人阿比盖尔·迪士尼在接受访谈时呼吁，消费者应该远离那些对员工待遇不好的企业，包括迪士尼的主题乐园。在她看来，“把价格推高到荒谬的水平，对汉堡收取令人难以置信的价格等，并剥夺了服务。”建议人们“不要在那些剥削人民的公司上花钱”，“如果你觉得（去迪士尼乐园）旅行不能反映你的价值观，你真的不需要去旅行”。这不是阿比盖尔第一次痛斥迪士尼，2020年4月，在迪士尼公园暂停低薪员工的日常工作后，她就曾表示“这是什么鬼”，并曾表示过，迪士尼经常“压榨”员工。纽约时报曾报道过75%的迪士尼员工薪水不够负担基本生活开销，去年玲娜贝儿爆火之后，正面连接也提到，玲娜贝儿的人偶演员月薪在6000元左右，属于一线员工中工资最高的；有的人偶演员三年只涨了700多块。每天要维持长达8小时的饱满情绪、每月拿下的收入却只能艰难维持生活，付出与收入很难说是否成正比。与员工的低薪形成对比的是高管的高薪资及高涨幅。根据高管薪酬披露，迪士尼首席执行官鲍勃·查佩克在2021年的总薪酬为3250万美元。流媒体撒钱迪士尼的流媒体业务一直被寄予厚望，本季度财报中整体流媒体平台订阅人数的涨幅再次重振了市场信心。财报显示，整体流媒体平台整体增加订阅用户 1740 万人，总计1.964亿。其中ESPN+订阅人数为2130万，同比增长76%，而 Hulu 因为捆绑包提价，用户增长略受限，总付费人数为4530万，同比仅增加15%。Disney+因为在去年11月份登陆韩国、中国香港及台湾，开拓的亚太新市场推动了用户数的上涨，本季度新增1170万人，总订阅人数逼近1.3亿。根据分析公司 Media Partners Asia的预测，2022年底这三个市场预计能为Disney+获得近500万订阅用户，3.3亿美元的收入。近1200万用户数的新增，也让Disney+与老对手Netflix在用户流量的比较中再次夺回了优势权。上个月，Netflix新增828万用户，低于预期的850万，2022年Q1预计新增250万，也远低于分析师预期的590万，这份略显惨淡的财报使得盘后股价跌近20%，也带动了迪士尼股价的下滑。Disney+与Netflix对于用户增量的争夺也预示着，整个流媒体市场的竞争加剧，各大平台在保持自己核心优势的基础上，加大对于内容、营销的投入。比如亚马逊靠广告收入有健康的信息流，苹果有硬件设施，且都在加大自己的IP内容库存储；Netflix准备了不少于80部各种类型的电影，根据《金融时报》报告，Netflix2022年在内容上的投入预估超过170亿美元。迪士尼在流媒体业务上也是动作频频，并开始抢夺Netflix的蛋糕。重组流媒体业务管理层，成立新的国际内容创作中心。迈克尔·波尔维担任流媒体业务总裁，丽贝卡坎贝尔为国际内容创作中心负责人，主要扩大流媒体的区域内容，着重于海外市场的本土化内容制作，这一动作也被看作模仿Netflix，当前迪士尼已有超过340部作品处于不同的开发和制造阶段。迪士尼首席财务官克里斯汀·麦卡锡在昨日的电话会议上提到，第二季度在流媒体上投入大量资金，预计直面消费者业务的节目和制作费将增加8亿到10亿美元。迪士尼的内容版权和“讲故事的能力”不容置喙，在拓展海外市场时也有充分的优势。但是，中国作为海外最具潜力的市场之一，迪士尼与中国市场的“联结”并没有之前那么紧密，并隐隐呈现出“脱钩”的局面。漫威首部华裔英雄电影《尚气与十环传奇》本是瞄准了中国市场，且由华裔刘思慕主演、梁朝伟参演，但在引进前陷入了争议，损失了中国这一潜力票仓；《黑寡妇》《永恒族》也因种种原因无缘与国内观众见面；迪士尼动画旗下的第60部动画长片《魔法满屋》于今年1月7日在国内上线，6.5的豆瓣评分与不足8000万的票房与北美市场的口碑与票房形成鲜明割裂。内容制作的时间差、更高的内容支出、以及发展海外市场不可控的舆情，都是迪士尼所面临的挑战。不过，迪士尼用2022财年第一季度财报给自己开了一个好头，也让资本市场重振信心，尽管流媒体竞争加剧，但这位“老大哥”仍能用多元的营收、丰富的内容优势持续吸引着全球的目光。","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":1475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9092009602,"gmtCreate":1644475766405,"gmtModify":1676533931532,"author":{"id":"4089284197527710","authorId":"4089284197527710","name":"hinoah666","avatar":"https://static.tigerbbs.com/6768ca1d7e59f86650c6d1acb9968a11","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4089284197527710","idStr":"4089284197527710"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/BK0053\">$迪士尼(BK0053)$</a><a href=\"https://ttm.financial/S/DIS\">$迪士尼(DIS)$</a>👍","listText":"<a href=\"https://ttm.financial/S/BK0053\">$迪士尼(BK0053)$</a><a href=\"https://ttm.financial/S/DIS\">$迪士尼(DIS)$</a>👍","text":"$迪士尼(BK0053)$$迪士尼(DIS)$👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9092009602","repostId":"1116074292","repostType":4,"repost":{"id":"1116074292","kind":"news","pubTimestamp":1644474102,"share":"https://ttm.financial/m/news/1116074292?lang=en_US&edition=fundamental","pubTime":"2022-02-10 14:21","market":"us","language":"zh","title":"What variables does Disney's financial report reveal as theme parks recover their revenue and streaming media throws money at them?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116074292","media":"真探AlphaSeeker","summary":"今日早间，迪士尼发布2022财年第一季度财报，全面高于市场预期的成绩让迪士尼成功翻盘。财报显示，迪士尼一季度实现营收218.19亿美元，同比增长34%，高于市场预期的209.04亿美元；实现经营利润3","content":"<p><html><head></head><body>This morning,<a href=\"https://laohu8.com/S/DIS\">Disney</a>Disney released its financial results for the first quarter of fiscal year 2022, with results that exceeded market expectations across the board, leading to a successful turnaround.</p><p>Financial reports show that Disney achieved revenue of $21.819 billion in the first quarter, a year-on-year increase of 34%, exceeding market expectations of $20.904 billion; Operating profit reached US$3.258 billion, an increase of 144% compared to US$1.332 billion in the same period last year; The company achieved a net profit of $1.15 billion, with a net profit margin of 5.27%. Adjusted earnings per share reached $1.06, higher than Wall Street's expectation of 63 cents.</p><p>Last quarter, the number of subscribers to the streaming platform Disney+ grew by only 2.1 million, a record low that once caused the capital market to lose confidence. However, this quarter, the number of Disney+ paid subscribers increased by 11.7 million to 129.8 million; Disney's streaming platforms, including ESPN+ and Hulu, have a total of 196.4 million subscribers, bringing it one step closer to its goal of reaching 300-350 million paying subscribers for streaming services in fiscal year 2024.</p><p>Thanks to better-than-expected earnings per share and the number of subscribers to streaming services, Disney's stock price rose 7.6% in after-hours trading after the earnings report was released, reversing a decline of 8.01% since the beginning of the year and nearly 20% in six months.</p><p>However, despite emerging from the shadow of the pandemic and seeing overall revenue growth, Disney still cannot let its guard down.</p><p><b>Theme park recovery</b></p><p>Disney's total revenue is divided into four parts: cable networks, direct-to-consumer (Disney+, Hulu, ESPN+), content sales, licensing businesses, and theme park revenue.</p><p><img src=\"https://static.tigerbbs.com/1da73aa962ad1cd0a974e61308db52da\" tg-width=\"1066\" tg-height=\"640\" referrerpolicy=\"no-referrer\"/></p><p>Let's first scan the revenue situation of each division:</p><p>Cable network revenue for the quarter was $7.706 billion, flat compared to the same period last year; The direct-to-consumer business (streaming) achieved revenue of $4.69 billion, a year-on-year increase of 34%, but operating losses increased by 27% to $600 million. The financial report also mentioned that the increase in operating losses was mainly due to increased losses from Disney+, and to a lesser extent, losses from ESPN+, which were partially offset by improved performance from Hulu. This also reflects the increase in content, technology, and marketing costs for the three major platforms.</p><p>Content sales and licensing (formerly the film and entertainment segment) generated $2.433 billion in revenue this quarter, a 43% year-over-year increase. Divisional operating results fell from $188 million to $98 million, due to declining theatrical performance and marketing costs incurred at the time of film release.</p><p>The financial report mentioned that during this period, seven films were mainly released, including \"Spider-Man: Heroes Never Return\", \"West Side Story\", \"House of Magic\", \"Kingsman: Origins\", \"Eternal Race\", \"Jade Face\" and \"The Last Duel\". Among them<a href=\"https://laohu8.com/S/SNE\">Sony</a>The collaborative finale to the superhero series, \"Spider-Man: Homecoming,\" grossed $1.777 billion worldwide and received an IDMb rating of 9.0. This high box office performance and positive word-of-mouth have injected a significant amount of capital into Disney.</p><p><img src=\"https://static.tigerbbs.com/8b916ea4215a53b081954d406b07f4fa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>Disney's theme parks, experiences, and merchandise revenue for the quarter was $7.234 billion, doubling year-over-year and exceeding analysts' consensus estimate of $6.4 billion.</b>The division's operating results increased by $2.6 billion to $2.5 billion, compared to a loss of $100 million in the same period last year. The significant recovery in theme park revenue resulted in Disney's second-best quarterly performance ever.</p><p>With the normalization of the pandemic and the improvement of prevention and control capabilities, Disneylands and resorts around the world remained open this quarter, and visitor traffic and per capita consumption revenue are gradually approaching the normal track. The financial report also mentioned that the increase in visitor numbers at Disneyland Paris and Hong Kong Disneyland also boosted the parks' international revenue.</p><p>In addition, at the end of September last year, Lina Belle, a new character launched by Shanghai Disneyland, quickly dominated the topic lists on major domestic social media platforms. The top-tier effect of \"Chuansha Daji\" also correspondingly boosted the number of visitors to the park and the level of consumption in the park.</p><p>However, Disney theme parks, having emerged from the shadow of the pandemic, still face internal concerns.</p><p>In a recent interview, Disney heiress Abigail Disney urged consumers to stay away from companies that treat employees poorly, including Disney theme parks. In her view, \"they drive prices to absurd levels, charge unbelievable prices for burgers, etc., and deprive people of service.\" She advises people \"not to spend money on companies that exploit people,\" and \"if you feel that traveling (to Disneyland) doesn't reflect your values, you really don't need to travel.\"</p><p>This is not the first time Abigail has criticized Disney. In April 2020, after Disney parks suspended the daily work of low-paid employees, she said, \"What the hell is this?\" and said that Disney often \"exploits\" its employees.</p><p><a href=\"https://laohu8.com/S/NYT\">New York times</a>It was previously reported that 75% of Disney employees' salaries were insufficient to cover basic living expenses. After Lina Bell's popularity last year, Positive Connection also mentioned that Lina Bell's puppet actors earn around 6,000 yuan a month, which is the highest-paid among front-line employees. Some puppeteers only earned a little over 700 yuan in three years. They have to maintain a high level of emotion for up to 8 hours a day, but the monthly income they earn can only barely make ends meet. It's hard to say whether the effort and income are directly proportional.</p><p>In contrast to the low salaries of employees, executives receive high salaries and high increases. According to executive compensation disclosures, Disney CEO Bob Chapek's total compensation in 2021 was $32.5 million.</p><p><b>Streaming media spends money</b></p><p>Disney's streaming business has long been highly anticipated, and the overall increase in streaming platform subscribers in this quarter's earnings report has once again revived market confidence.</p><p>Financial reports show that the overall streaming platform added 17.4 million subscribers, bringing the total to 196.4 million. ESPN+ had 21.3 million subscribers, a year-on-year increase of 76%, while Hulu's subscriber growth was slightly limited due to increased bundle prices, with a total of 45.3 million paying subscribers, an increase of only 15% year-on-year.</p><p>Disney+ launched in South Korea, Hong Kong, and Taiwan last November, and its expansion into new Asia-Pacific markets boosted its user base, adding 11.7 million new subscribers this quarter, bringing the total number of subscribers to nearly 130 million. According to forecasts from analytics firm Media Partners Asia, these three markets are expected to generate nearly 5 million subscribers and $330 million in revenue for Disney+ by the end of 2022.</p><p><b>The addition of nearly 12 million users has allowed Disney+ to regain its advantage over its old rival Netflix in the comparison of user traffic.</b>Last month, Netflix added 8.28 million subscribers, lower than the expected 8.5 million. It is projected to add 2.5 million subscribers in Q1 2022, far below analysts' expectations of 5.9 million. This somewhat dismal financial report caused the stock price to fall by nearly 20% in after-hours trading, which also contributed to the decline in Disney's stock price.</p><p><img src=\"https://static.tigerbbs.com/87a4bb94e97a90b19a5125dbe519a1e8\" tg-width=\"1080\" tg-height=\"632\" referrerpolicy=\"no-referrer\"/></p><p>The competition between Disney+ and Netflix for user growth also indicates that competition in the entire streaming media market is intensifying, with major platforms increasing their investment in content and marketing while maintaining their core advantages. For example<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Relying on advertising revenue for a healthy information flow,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>They have hardware facilities and are increasing their own IP content library storage; Netflix has prepared no fewer than 80 movies of various genres, and according to a Financial Times report, Netflix is estimated to invest more than $17 billion in content in 2022.</p><p>Disney is also making frequent moves in its streaming business and has begun to steal Netflix's share of the market.</p><p>Reorganize the management of the streaming media business and establish a new international content creation center. Michael Polvey serves as president of the streaming business, and Rebecca Campbell heads the International Content Creation Center, focusing on expanding regional content in streaming and creating localized content for overseas markets. This move is also seen as imitating Netflix, which currently has more than 340 works in different stages of development and production.</p><p>Disney Chief Financial Officer Kristen McCarthy mentioned in a conference call yesterday,<b>Significant investment was made in streaming in the second quarter, with direct-to-consumer programming and production costs expected to increase by $800 million to $1 billion.</b></p><p><img src=\"https://static.tigerbbs.com/29013ec30eedb6b9ff0f0d91982eeffe\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>Disney's content copyright and \"storytelling ability\" are beyond question, and it also has significant advantages when expanding into overseas markets. However, as one of the most promising markets overseas,<b>Disney's \"connection\" with the Chinese market is not as close as before, and there is a hint of a \"decoupling\" situation.</b></p><p>Marvel's first Chinese-American superhero film, \"Shang Qi and the Legend of the Ten Rings,\" was originally targeted at the Chinese market and starred Chinese-American Liu Simu and Tony Leung. However, it was embroiled in controversy before its import, resulting in the loss of China, a potential box office market. \"Black Widow\" and \"Eternity\" were also unable to meet domestic audiences for various reasons; Disney Animation's 60th animated feature film, \"Full House of Magic,\" was released in China on January 7 this year. Its 6.5 Douban rating and box office of less than 80 million yuan are a stark contrast to its reputation and box office performance in the North American market.</p><p>The time lag in content production, higher content spending, and uncontrollable public opinion in developing overseas markets are all challenges facing Disney. However, Disney got off to a good start with its financial report for the first quarter of fiscal year 2022, which also restored confidence in the capital market. Despite intensified competition in streaming media, this \"big brother\" has continued to attract global attention with its diversified revenue and rich content advantages.</p><p></body></html></p>","source":"lsy1630457571390","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What variables does Disney's financial report reveal as theme parks recover their revenue and streaming media throws money at them?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat variables does Disney's financial report reveal as theme parks recover their revenue and streaming media throws money at them?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">真探AlphaSeeker</strong><span class=\"h-time small\">2022-02-10 14:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This morning,<a href=\"https://laohu8.com/S/DIS\">Disney</a>Disney released its financial results for the first quarter of fiscal year 2022, with results that exceeded market expectations across the board, leading to a successful turnaround.</p><p>Financial reports show that Disney achieved revenue of $21.819 billion in the first quarter, a year-on-year increase of 34%, exceeding market expectations of $20.904 billion; Operating profit reached US$3.258 billion, an increase of 144% compared to US$1.332 billion in the same period last year; The company achieved a net profit of $1.15 billion, with a net profit margin of 5.27%. Adjusted earnings per share reached $1.06, higher than Wall Street's expectation of 63 cents.</p><p>Last quarter, the number of subscribers to the streaming platform Disney+ grew by only 2.1 million, a record low that once caused the capital market to lose confidence. However, this quarter, the number of Disney+ paid subscribers increased by 11.7 million to 129.8 million; Disney's streaming platforms, including ESPN+ and Hulu, have a total of 196.4 million subscribers, bringing it one step closer to its goal of reaching 300-350 million paying subscribers for streaming services in fiscal year 2024.</p><p>Thanks to better-than-expected earnings per share and the number of subscribers to streaming services, Disney's stock price rose 7.6% in after-hours trading after the earnings report was released, reversing a decline of 8.01% since the beginning of the year and nearly 20% in six months.</p><p>However, despite emerging from the shadow of the pandemic and seeing overall revenue growth, Disney still cannot let its guard down.</p><p><b>Theme park recovery</b></p><p>Disney's total revenue is divided into four parts: cable networks, direct-to-consumer (Disney+, Hulu, ESPN+), content sales, licensing businesses, and theme park revenue.</p><p><img src=\"https://static.tigerbbs.com/1da73aa962ad1cd0a974e61308db52da\" tg-width=\"1066\" tg-height=\"640\" referrerpolicy=\"no-referrer\"/></p><p>Let's first scan the revenue situation of each division:</p><p>Cable network revenue for the quarter was $7.706 billion, flat compared to the same period last year; The direct-to-consumer business (streaming) achieved revenue of $4.69 billion, a year-on-year increase of 34%, but operating losses increased by 27% to $600 million. The financial report also mentioned that the increase in operating losses was mainly due to increased losses from Disney+, and to a lesser extent, losses from ESPN+, which were partially offset by improved performance from Hulu. This also reflects the increase in content, technology, and marketing costs for the three major platforms.</p><p>Content sales and licensing (formerly the film and entertainment segment) generated $2.433 billion in revenue this quarter, a 43% year-over-year increase. Divisional operating results fell from $188 million to $98 million, due to declining theatrical performance and marketing costs incurred at the time of film release.</p><p>The financial report mentioned that during this period, seven films were mainly released, including \"Spider-Man: Heroes Never Return\", \"West Side Story\", \"House of Magic\", \"Kingsman: Origins\", \"Eternal Race\", \"Jade Face\" and \"The Last Duel\". Among them<a href=\"https://laohu8.com/S/SNE\">Sony</a>The collaborative finale to the superhero series, \"Spider-Man: Homecoming,\" grossed $1.777 billion worldwide and received an IDMb rating of 9.0. This high box office performance and positive word-of-mouth have injected a significant amount of capital into Disney.</p><p><img src=\"https://static.tigerbbs.com/8b916ea4215a53b081954d406b07f4fa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>Disney's theme parks, experiences, and merchandise revenue for the quarter was $7.234 billion, doubling year-over-year and exceeding analysts' consensus estimate of $6.4 billion.</b>The division's operating results increased by $2.6 billion to $2.5 billion, compared to a loss of $100 million in the same period last year. The significant recovery in theme park revenue resulted in Disney's second-best quarterly performance ever.</p><p>With the normalization of the pandemic and the improvement of prevention and control capabilities, Disneylands and resorts around the world remained open this quarter, and visitor traffic and per capita consumption revenue are gradually approaching the normal track. The financial report also mentioned that the increase in visitor numbers at Disneyland Paris and Hong Kong Disneyland also boosted the parks' international revenue.</p><p>In addition, at the end of September last year, Lina Belle, a new character launched by Shanghai Disneyland, quickly dominated the topic lists on major domestic social media platforms. The top-tier effect of \"Chuansha Daji\" also correspondingly boosted the number of visitors to the park and the level of consumption in the park.</p><p>However, Disney theme parks, having emerged from the shadow of the pandemic, still face internal concerns.</p><p>In a recent interview, Disney heiress Abigail Disney urged consumers to stay away from companies that treat employees poorly, including Disney theme parks. In her view, \"they drive prices to absurd levels, charge unbelievable prices for burgers, etc., and deprive people of service.\" She advises people \"not to spend money on companies that exploit people,\" and \"if you feel that traveling (to Disneyland) doesn't reflect your values, you really don't need to travel.\"</p><p>This is not the first time Abigail has criticized Disney. In April 2020, after Disney parks suspended the daily work of low-paid employees, she said, \"What the hell is this?\" and said that Disney often \"exploits\" its employees.</p><p><a href=\"https://laohu8.com/S/NYT\">New York times</a>It was previously reported that 75% of Disney employees' salaries were insufficient to cover basic living expenses. After Lina Bell's popularity last year, Positive Connection also mentioned that Lina Bell's puppet actors earn around 6,000 yuan a month, which is the highest-paid among front-line employees. Some puppeteers only earned a little over 700 yuan in three years. They have to maintain a high level of emotion for up to 8 hours a day, but the monthly income they earn can only barely make ends meet. It's hard to say whether the effort and income are directly proportional.</p><p>In contrast to the low salaries of employees, executives receive high salaries and high increases. According to executive compensation disclosures, Disney CEO Bob Chapek's total compensation in 2021 was $32.5 million.</p><p><b>Streaming media spends money</b></p><p>Disney's streaming business has long been highly anticipated, and the overall increase in streaming platform subscribers in this quarter's earnings report has once again revived market confidence.</p><p>Financial reports show that the overall streaming platform added 17.4 million subscribers, bringing the total to 196.4 million. ESPN+ had 21.3 million subscribers, a year-on-year increase of 76%, while Hulu's subscriber growth was slightly limited due to increased bundle prices, with a total of 45.3 million paying subscribers, an increase of only 15% year-on-year.</p><p>Disney+ launched in South Korea, Hong Kong, and Taiwan last November, and its expansion into new Asia-Pacific markets boosted its user base, adding 11.7 million new subscribers this quarter, bringing the total number of subscribers to nearly 130 million. According to forecasts from analytics firm Media Partners Asia, these three markets are expected to generate nearly 5 million subscribers and $330 million in revenue for Disney+ by the end of 2022.</p><p><b>The addition of nearly 12 million users has allowed Disney+ to regain its advantage over its old rival Netflix in the comparison of user traffic.</b>Last month, Netflix added 8.28 million subscribers, lower than the expected 8.5 million. It is projected to add 2.5 million subscribers in Q1 2022, far below analysts' expectations of 5.9 million. This somewhat dismal financial report caused the stock price to fall by nearly 20% in after-hours trading, which also contributed to the decline in Disney's stock price.</p><p><img src=\"https://static.tigerbbs.com/87a4bb94e97a90b19a5125dbe519a1e8\" tg-width=\"1080\" tg-height=\"632\" referrerpolicy=\"no-referrer\"/></p><p>The competition between Disney+ and Netflix for user growth also indicates that competition in the entire streaming media market is intensifying, with major platforms increasing their investment in content and marketing while maintaining their core advantages. For example<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Relying on advertising revenue for a healthy information flow,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>They have hardware facilities and are increasing their own IP content library storage; Netflix has prepared no fewer than 80 movies of various genres, and according to a Financial Times report, Netflix is estimated to invest more than $17 billion in content in 2022.</p><p>Disney is also making frequent moves in its streaming business and has begun to steal Netflix's share of the market.</p><p>Reorganize the management of the streaming media business and establish a new international content creation center. Michael Polvey serves as president of the streaming business, and Rebecca Campbell heads the International Content Creation Center, focusing on expanding regional content in streaming and creating localized content for overseas markets. This move is also seen as imitating Netflix, which currently has more than 340 works in different stages of development and production.</p><p>Disney Chief Financial Officer Kristen McCarthy mentioned in a conference call yesterday,<b>Significant investment was made in streaming in the second quarter, with direct-to-consumer programming and production costs expected to increase by $800 million to $1 billion.</b></p><p><img src=\"https://static.tigerbbs.com/29013ec30eedb6b9ff0f0d91982eeffe\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>Disney's content copyright and \"storytelling ability\" are beyond question, and it also has significant advantages when expanding into overseas markets. However, as one of the most promising markets overseas,<b>Disney's \"connection\" with the Chinese market is not as close as before, and there is a hint of a \"decoupling\" situation.</b></p><p>Marvel's first Chinese-American superhero film, \"Shang Qi and the Legend of the Ten Rings,\" was originally targeted at the Chinese market and starred Chinese-American Liu Simu and Tony Leung. However, it was embroiled in controversy before its import, resulting in the loss of China, a potential box office market. \"Black Widow\" and \"Eternity\" were also unable to meet domestic audiences for various reasons; Disney Animation's 60th animated feature film, \"Full House of Magic,\" was released in China on January 7 this year. Its 6.5 Douban rating and box office of less than 80 million yuan are a stark contrast to its reputation and box office performance in the North American market.</p><p>The time lag in content production, higher content spending, and uncontrollable public opinion in developing overseas markets are all challenges facing Disney. However, Disney got off to a good start with its financial report for the first quarter of fiscal year 2022, which also restored confidence in the capital market. Despite intensified competition in streaming media, this \"big brother\" has continued to attract global attention with its diversified revenue and rich content advantages.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/TDwnSWFcK0LZcpl-0fD9Vg\">真探AlphaSeeker</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/65b531510c96749772d2284d1a29a39d","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://mp.weixin.qq.com/s/TDwnSWFcK0LZcpl-0fD9Vg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116074292","content_text":"今日早间，迪士尼发布2022财年第一季度财报，全面高于市场预期的成绩让迪士尼成功翻盘。财报显示，迪士尼一季度实现营收218.19亿美元，同比增长34%，高于市场预期的209.04亿美元；实现经营利润32.58亿美元，相比去年同期的13.32亿美元，增长了144%；实现净利润11.5亿美元，净利润率为5.27%；调整后每股收益达到1.06美元，高于华尔街预期的63美分。上一季度流媒体平台Disney+订阅用户数仅增长210万，史上新低的增长数也曾让资本市场一度失去信心。但本季度，Disney+付费订阅用户数新增1170万至1.298亿；包括ESPN+、Hulu在内迪士尼流媒体平台总订阅人数达到1.964亿，距离2024财年流媒体服务付费用户总数达到3-3.5亿的目标又近一步。得益于超出预期的每股收益以及流媒体服务订阅人数，财报公布之后迪士尼股价盘后上涨7.6%，拯救了开年以来下跌8.01%、六个月下跌近20%的颓势。然而，走出疫情阴霾整体营收上涨的迪士尼仍不能掉以轻心。主题公园回血迪士尼总营收划共分为四部分，分别是有线网络、直接面向消费者（Disney+、Hulu、ESPN+）、内容销售、授权业务以及主题公园收入。先来扫描各分部的营收情况：有线网络本季度收入为77.06亿美元，与同期持平；直接面向消费者业务（流媒体）实现营收46.9亿美元，同比增长34%，但运营亏损增长27%至6亿美元，财报中也提到，运营亏损的增加主要是由于Disney+的亏损增加，较小程度上是ESPN+的亏损，部分被Hulu业绩的改善所抵消，这也反映出三大平台内容、技术、营销成本的提升。内容销售、授权业务（原影视娱乐部分）本季度收入为24.33亿美元，同比增长43%。部门运营结果从1.88亿美元下降至9800万美元，造成下降的原因影院业绩的下降以及影片发行时产出的营销成本。财报中提到，这期间主要发行了《蜘蛛侠：英雄无归》《西区故事》《 魔法满屋》《王牌特工：源起》《永恒族》《玉面情魔》和《最后的决斗》等七部影片。其中与索尼合作的英雄系列完结篇《蜘蛛侠：英雄无归》全球票房达到17.77亿美元、IDMb评分9.0，高票房与高口碑为迪士尼注入了不少的资金。迪士尼主题公园、体验和衍生品在本季度收入为72.34亿美元，相比同期增加了一倍且高于分析师普遍预计的64亿美元，部门运营结果增加26亿美元至25亿美元，上年同期为亏损1亿美元。大幅回血的主题乐园收入，创下了迪士尼有史以来第二好的季度业绩。随着疫情的常态化及防控能力的提升，全球迪士尼乐园及度假区在本季度均处于开放状态，客流量和人均消费收入逐步接近正轨。财报中也提到，法国巴黎迪士尼乐园与中国香港迪士尼乐园的游客数量增加也带动了乐园国际收入的上涨。此外，去年9月底，上海迪士尼乐园推出的新人物玲娜贝儿，迅速占领了国内各大社交平台话题榜，“川沙妲己”的顶流效应也相应带动了乐园游客游览人数以及乐园消费水平的提升。但是，走出疫情阴霾的迪士尼主题乐园，仍有“内忧”。前段时间，迪士尼继承人阿比盖尔·迪士尼在接受访谈时呼吁，消费者应该远离那些对员工待遇不好的企业，包括迪士尼的主题乐园。在她看来，“把价格推高到荒谬的水平，对汉堡收取令人难以置信的价格等，并剥夺了服务。”建议人们“不要在那些剥削人民的公司上花钱”，“如果你觉得（去迪士尼乐园）旅行不能反映你的价值观，你真的不需要去旅行”。这不是阿比盖尔第一次痛斥迪士尼，2020年4月，在迪士尼公园暂停低薪员工的日常工作后，她就曾表示“这是什么鬼”，并曾表示过，迪士尼经常“压榨”员工。纽约时报曾报道过75%的迪士尼员工薪水不够负担基本生活开销，去年玲娜贝儿爆火之后，正面连接也提到，玲娜贝儿的人偶演员月薪在6000元左右，属于一线员工中工资最高的；有的人偶演员三年只涨了700多块。每天要维持长达8小时的饱满情绪、每月拿下的收入却只能艰难维持生活，付出与收入很难说是否成正比。与员工的低薪形成对比的是高管的高薪资及高涨幅。根据高管薪酬披露，迪士尼首席执行官鲍勃·查佩克在2021年的总薪酬为3250万美元。流媒体撒钱迪士尼的流媒体业务一直被寄予厚望，本季度财报中整体流媒体平台订阅人数的涨幅再次重振了市场信心。财报显示，整体流媒体平台整体增加订阅用户 1740 万人，总计1.964亿。其中ESPN+订阅人数为2130万，同比增长76%，而 Hulu 因为捆绑包提价，用户增长略受限，总付费人数为4530万，同比仅增加15%。Disney+因为在去年11月份登陆韩国、中国香港及台湾，开拓的亚太新市场推动了用户数的上涨，本季度新增1170万人，总订阅人数逼近1.3亿。根据分析公司 Media Partners Asia的预测，2022年底这三个市场预计能为Disney+获得近500万订阅用户，3.3亿美元的收入。近1200万用户数的新增，也让Disney+与老对手Netflix在用户流量的比较中再次夺回了优势权。上个月，Netflix新增828万用户，低于预期的850万，2022年Q1预计新增250万，也远低于分析师预期的590万，这份略显惨淡的财报使得盘后股价跌近20%，也带动了迪士尼股价的下滑。Disney+与Netflix对于用户增量的争夺也预示着，整个流媒体市场的竞争加剧，各大平台在保持自己核心优势的基础上，加大对于内容、营销的投入。比如亚马逊靠广告收入有健康的信息流，苹果有硬件设施，且都在加大自己的IP内容库存储；Netflix准备了不少于80部各种类型的电影，根据《金融时报》报告，Netflix2022年在内容上的投入预估超过170亿美元。迪士尼在流媒体业务上也是动作频频，并开始抢夺Netflix的蛋糕。重组流媒体业务管理层，成立新的国际内容创作中心。迈克尔·波尔维担任流媒体业务总裁，丽贝卡坎贝尔为国际内容创作中心负责人，主要扩大流媒体的区域内容，着重于海外市场的本土化内容制作，这一动作也被看作模仿Netflix，当前迪士尼已有超过340部作品处于不同的开发和制造阶段。迪士尼首席财务官克里斯汀·麦卡锡在昨日的电话会议上提到，第二季度在流媒体上投入大量资金，预计直面消费者业务的节目和制作费将增加8亿到10亿美元。迪士尼的内容版权和“讲故事的能力”不容置喙，在拓展海外市场时也有充分的优势。但是，中国作为海外最具潜力的市场之一，迪士尼与中国市场的“联结”并没有之前那么紧密，并隐隐呈现出“脱钩”的局面。漫威首部华裔英雄电影《尚气与十环传奇》本是瞄准了中国市场，且由华裔刘思慕主演、梁朝伟参演，但在引进前陷入了争议，损失了中国这一潜力票仓；《黑寡妇》《永恒族》也因种种原因无缘与国内观众见面；迪士尼动画旗下的第60部动画长片《魔法满屋》于今年1月7日在国内上线，6.5的豆瓣评分与不足8000万的票房与北美市场的口碑与票房形成鲜明割裂。内容制作的时间差、更高的内容支出、以及发展海外市场不可控的舆情，都是迪士尼所面临的挑战。不过，迪士尼用2022财年第一季度财报给自己开了一个好头，也让资本市场重振信心，尽管流媒体竞争加剧，但这位“老大哥”仍能用多元的营收、丰富的内容优势持续吸引着全球的目光。","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":1475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
