Disney has reported its quarterly and full-year financial results this week, as well as name its new and upcoming streaming service, Disney+.
Box office success for Disney-Pixar’s Incredible 2 and Marvel’s Ant Man and the Wasp have helped the film studio to increase its revenue by 50 per cent, the results revealed.
Analysts were expecting Disney to earn $1.34 per share on $13.73 billion in revenue in its fiscal fourth quarter, but the conglomerate posted $1.48 per share on sales of $14.31 billion. For the full fiscal year, Disney was expected to earn $6.94 per share on $58.87 billion, but reported $7.08 per share on $59.43 billion revenue.
As well as the earnings, Disney CEO Bob Iger announced that the company’s upcoming streaming service set to compete with Netflix is called Disney+. The announcements are thought to be the last before the company’s acquisition of most of the entertainment assets of Fox closes by early next year.
In studio entertainment, Disney’s revenue surged from $1.43 billion in the quarter last year to $2.15 billion this time, with Black Panther, Avengers: Infinity War and Star Wars: The Last Jedi each making a hefty contribution to the top line.
Disney’s parks and resorts posted nine per cent revenue growth to $5.07 billion, and consumer products and interactive media saw revenue sink eight per cent to $1.12 billion.