The profit at Disney’s direct-to-consumer division even exceeded the earnings from its film division, which scored US$3 billion in global ticket sales this summer from the blockbusters Inside Out 2 and Deadpool & Wolverine. In the past 12 months, Disney’s revenue from streaming has surpassed the combined sales from theatrical films and conventional TV.
Old Hollywood is finally doing what Netflix has been doing for over a decade: making money from streaming.
With the exception of NBCUniversal, the biggest legacy media companies all reported a profit from their direct-to-consumer businesses last quarter, led by Walt Disney, which earned US$321 million ($430.33 million) from its online video arm in the final months of its fiscal year. It was the second straight quarter of profitability for the unit that includes Disney+, Hulu and ESPN+.
