The Walt Disney Company’s revenue rose to $91.4 billion for its fiscal year 2024, which ended September 28, a 2.8 percent increase from 2023. For the fourth quarter, revenue rose 6 percent to $22.6 billion, in line with analysts’ expectations. Company-wide, net profit climbed 74 percent in Q4, to $460 million, thanks largely to the strength of the streaming and theatrical film units. Improvements in the Disney+, Hulu and ESPN+ businesses marked the streaming sector’s second consecutive quarterly profit. Net profit for the year was a tick under $5 billion, up a whopping 111 percent from 2023. The results sent Disney shares up 6.2 percent on Thursday.

“After years of investing heavily in streaming, the company’s direct-to-consumer business swung to a profit of $321 million in the September quarter,” writes The Wall Street Journal. Disney and some competitors are “betting that streaming is the future as the traditional cable TV model withers,” WSJ adds.

In addition to streaming, movies were another bright spot. The New York Times writes that hits led by “Inside Out 2” and “Deadpool & Wolverine” “helped Disney’s film division — the company’s creative heart — roar back to life, as it swung to a $316 million profit.”

Upcoming releases “Moana 2,” due out November 26, and the prequel “Mufasa: The Lion King,” scheduled to open on December 20, are also expected to be major theatrical hits.

The rosy outlook prompted Disney to provide guidance on future earnings in an executive commentary from CEO Bob Iger and CFO Hugh Johnston. “The entertainment giant shared growth expectations with investors — not just for 2025, but also for 2026 and 2027,” reports NYT.

“Entertainment streaming, for instance, will generate roughly $1 billion in operating profit in 2025, up from $143 million this year” with total per-share earnings increasing “by ‘double digit’ percentages in 2026 and 2027, compared with the previous years, in part because of new cruise ships and theme park expansions.”

Meanwhile, Variety reports that the long-awaited merger between Disney and Reliance has closed, “creating an Indian powerhouse valued at $8.5 billion” that “combines Disney’s Star India with Reliance’s Viacom18 and streaming platforms JioCinema and Hotstar.”

Variety also writes that starting in December, Disney+ will add ESPN streaming content at no additional charge.

Related:
The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2024, Disney, 11/14/24