Home Video Lost in Disney Studio’s Q1 Fiscal Glow

With first-quarter (ended Dec. 31, 2019) revenue and operating income skyrocketing more than 100%, respectively, there was no mention of the Walt Disney Studio’s four titles finishing among the top 10 best-selling combined DVD/Blu-ray Disc units in 2019 — including top-seller Avengers: Endgame.

Studio revenue for the quarter increased from $1.8 billion to $3.8 billion, and segment operating income increased from $309 million to $948 million. Higher operating income was due to increases in theatrical and TV/SVOD distribution results at legacy operations, partially offset by a loss from the consolidation of the 20th Century Fox Film businesses.

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The increase in theatrical distribution results was due to the performance of Frozen II and Star Wars: The Rise of Skywalker in the current quarter compared with Ralph Breaks the Internet in the prior-year quarter. The previous-year quarter also included Mary Poppins Returns and The Nutcracker and the Four Realms and the current quarter included Maleficent: Mistress of Evil.

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Growth in TV/SVOD distribution results was due to sales of content to Disney+, partially offset by a decrease in pay-television sales to third parties. Operating results at the Fox businesses reflected income from TV/SVOD distribution, which was more than offset by a loss from theatrical distribution and general and administrative costs. TFCF theatrical releases in the current quarter included Spies in Disguise and Ford v Ferrari, as well as international distribution of Paramount’s Terminator: Dark Fate.

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