Disney theme parks have lost $1 billion because of COVID-19, the company revealed in a financial call. Disneyland and Disney World have been closed since March, though that didn't stop one Florida man from trying to quarantine on Disneyland's Discovery Island.
Disney has confirmed that its earnings dropped by 63% in the fiscal second quarter. The company said that it has lost $1.4 billion and that $1 billion had come from the closure of its parks. One analyst has suggested that Disneyland and Disney World could stay closed until 2021, though it's unclear how much more money Disney would lose if that was to happen.
Advertising revenue at ESPN is also down, said Disney, as there are fewer viewers watching because there are no live sports. ESPN has been showing its new documentary about the 1997-98 Chicago Bulls, but its popularity hasn't stopped advertising money from falling.
However, Disney has had some success with its Disney Plus streaming service. COVID-19 is keeping more people at home using streaming services like Disney Plus, which has helped it get 54.5 million paid subscribers. Disney has also just put Star Wars: The Rise of Skywalker onto the service, likely having the streaming service to grow its revenue in the next fiscal quarter.
Source: The Hollywood Reporter
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