2023Q1 (2023 Feb)

財報分析

"Under our strategic reorganization, there will be 3 core business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products."
Disney is targeting $5.5 billion of cost savings

Our priority is the enduring growth and profitability of our streaming business: Our current forecasts indicate Disney+ will hit profitability by the end of fiscal 2024.
The Disney+ domestic price increase has been playing out as expected, with only modestly higher churn, which may also negatively impact the fiscal second quarter given the timing of the December price increase.
Disney has been applauded for its subscriber growth, but it has come at a high cost
Disney+ subs may grow only modestly in Q2 at a similar pace to the first quarter.

Sub growth will vary quarter-to- quarter, and we expect to see higher core subscriber growth towards the end of the fiscal year.
Disney+ lost nearly 4 million subscribers from its Indian affiliate Hotstar, attributed to it losing the streaming rights to the Indian Premier League. Subscriber numbers are down 2.4 million worldwide, which means they’ve made net gains in other areas. (Source: Disney+ Drops 2.4 Million Subscribers in First Loss, Bob Iger Heralds ‘Significant Transformation’ Underway)

In India Disneyplus hotstar is the biggest OTT service because of live sports especially all major events in cricket and it has lots and lots of Local content

Disney+ core ARPU will continue to benefit in the second quarter from the domestic price increase.
We do not expect the launch of the Disney+ ad tier to provide a meaningful financial impact until later this fiscal year.

"Demand on the parks is extraordinary right now. Now we could lean into that demand easily by letting more people in and by more aggressively pricing. We don't think either would be smart. Because we let more people in is going to reduce guest experience. That's certainly not what we want."
Capital Allocation

"When it comes to investing in growth and returning capital to shareholders, we will take a balanced and disciplined approach as we did throughout my previous tenure as CEO when we invested in our core businesses and acquired new ones, bought back stock and paid a dividend to our shareholders."
"We intend to ask the Board to approve the reinstatement of a dividend by the end of the calendar year."

Disney’s 2023 guide of high single digit revenue and EBIT growth roughly met estimates of 9% for both metrics. The company reiterated that Disney+ will be profitable during fiscal year 2024. The Direct to Consumer (DTC) EBIT margin improving from (30.6%) to (19.8%) QoQ is a strong start.