The Walt Disney Company exhibited details of its Disney+ streaming service at a Disney expo in August. The service goes live Nov. 12.Disney reported quarterly earnings on Tuesday, growing revenue in the quarter to $22.1 billion. It also achieved its first-ever profit in its Disney Streaming division .Disney is the bellwether for the overall health of the traditional studio system headquartered in Los Angeles.
Disney achieved this milestone with a mix of price hikes and spending cuts. It only launched a couple of new series and debuted Taylor Swift’s concert movie.Revenue dropped 8% for the quarter and profitability dipped 22%. Cord-cutting and lower ad revenue contributed to this decline.Technically yes. First quarter linear TV losses were $234 million year over year, but streaming was up $659 million.
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