Consider the upcoming fourth quarter the last one in which the media sector will get a pass from Wall Street.
The rest of the media companies trying to become Netflix by focusing on streaming also have to rely on a handful of other business segments that are currently under severe pressure because of the ongoing global pandemic. Last year was an aberration. COVID-19 changed consumer behavior, and media companies had to ramp up their strategy shifts to streaming even more rapidly than previously anticipated.
Revenue from theme parks plunged 61% during Disney’s fiscal Q4, and Comcast reported NBCUniversal Q3 theme-parks revenue tanked 81%.
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