Disney are in Trouble: The 4 Huge Problems
Summary
TLDR华特迪士尼公司最新公布的第三季度财报显示,公司在电影、电视、流媒体和主题公园四大业务板块的表现参差不齐。传统电视业务面临持续下滑,尽管ESPN的广告收入有所增长,但订阅收入减少和体育节目成本上升导致整体收入下降。电影方面,迪士尼的最新电影表现不佳,未能达到预期,导致2023年成为自2014年以来迪士尼首次没有电影票房过亿的年份。流媒体业务虽然亏损减少,但自2019年推出以来已累计亏损11亿美元,用户基数也有所下降。相比之下,主题公园业务表现亮眼,盈利能力上升11%,尽管佛罗里达迪士尼世界游客数量下降,但加州迪士尼乐园的游客数量有所增加。总体来看,尽管迪士尼在某些领域面临挑战,但仍有亮点,特别是在主题公园业务上。
Takeaways
- 📉 迪士尼公司第三季度财报结果喜忧参半,主要关注四个关键领域:电影、电视、流媒体和公园。
- 📺 传统电视业务面临挑战,迪士尼拥有的频道如ABC、FX、国家地理和ESPN等收入下降,主要受广告销售下降、ESPN订阅费减少和体育节目成本上升的影响。
- 🏟️ ESPN尽管广告收入上升10%,但有线电视订阅收入减少,面临来自苹果和亚马逊等竞争者的竞争压力,迪士尼可能考虑出售部分业务。
- 🎬 电影业务表现不佳,包括《印第安纳·琼斯》和《小美人鱼》等最新电影未能达到预期,迪士尼需要找到观众真正想看的电影。
- 📊 尽管电影票房收入下降,迪士尼在电影行业仍然占据主导地位,2023年迄今为止的收入超过其他主要电影公司。
- 📉 Disney+流媒体业务本季度亏损5.12亿美元,自2019年推出以来累计亏损11亿美元,迪士尼计划提高订阅费用并打击密码共享行为。
- 🎢 公园业务是迪士尼的一个亮点,盈利能力上升了11%,尽管佛罗里达的迪士尼世界游客数量下降,但加利福尼亚的迪士尼乐园游客数量有所增加。
- 🚢 迪士尼邮轮业务已基本满负荷运营,表明疫情限制放松后,人们对旅游的兴趣增加。
- 🌐 迪士尼的总体营收同比增长3.8%,但由于未达到投资者预期,财报发布后股价下跌。
- 🌟 尽管面临挑战,迪士尼在电影行业的成功案例如《阿凡达》和《冰雪奇缘》显示了其潜力。
- 🎉 玩具制造商美泰计划通过其电影宇宙(包括《Uno》动作片、《Hot Wheels》剧情片等)来模仿迪士尼的成功。
Q & A
华特迪士尼公司在2023年第三季度的财报中提到了哪四个关键业务领域?
-华特迪士尼公司在2023年第三季度的财报中提到了四个关键业务领域:电影、电视、流媒体和公园。
迪士尼CEO Bob Iger认为哪些业务领域将推动公司未来的增长?
-Bob Iger认为电影工作室、主题公园和流媒体是将推动公司未来增长的三个业务领域。
迪士尼的传统电视业务目前面临哪些挑战?
-迪士尼的传统电视业务面临的挑战包括收视率下降、广告销售减少、ESPN订阅者支付降低以及体育节目制作成本增加。
迪士尼的最新电影《印第安纳·琼斯》和《蚁人与黄蜂女:量子狂潮》的表现如何?
-《印第安纳·琼斯》未能达到之前作品的预期,《蚁人与黄蜂女:量子狂潮》是漫威电影中罕见的在院线上映期间亏损数千万美元的电影。
迪士尼的流媒体服务Disney+在2023年的表现如何?
-Disney+在2023年的表现不佳,该季度亏损了5.12亿美元,虽然比预期的少,但自2019年推出以来,流媒体业务已经让迪士尼亏损了11亿美元。
迪士尼公园部门在2023年的表现有什么亮点?
-迪士尼公园部门在2023年的表现相对较好,盈利能力上升了11%,这部分得益于上海和香港的公园重新开放并达到满负荷运营。
迪士尼在电影行业的整体表现如何?
-尽管面临挑战,迪士尼在2023年的电影行业仍然占据主导地位,迄今为止已经从其电影中获得了约34亿美元的收入,超过了其他主要电影制片厂。
迪士尼的流媒体服务Disney+面临的主要问题是什么?
-Disney+面临的主要问题包括持续的财务亏损、用户基数下降、以及对主要特许经营权的过度开发。
迪士尼的股价在过去一年中的表现如何?
-迪士尼的股价在过去一年中下降了19%,并且在第三季度财报发布后,由于收入低于投资者预期,股价再次下跌。
迪士尼CEO Bob Iger是否考虑出售ESPN的部分业务?
-Bob Iger并没有打算出售整个ESPN业务,但他可能愿意出售部分业务,特别是与NFL、NBA或MLB等体育联盟可能的交易。
迪士尼在电影制作上采取了什么样的策略,为什么这会带来挑战?
-迪士尼在电影制作上采取了“大帐篷柱”策略,即在所有项目上投入巨额预算,依赖于在票房上轻松赚取数十亿美元来覆盖这些预算。然而,由于创意受到批评、口味变化、中国市场的减少以及俄罗斯市场的完全丧失,这种策略变得越来越难以维持。
迪士尼的公园部门在国内外的表现有何不同?
-迪士尼的公园部门在国外,如上海和香港的公园重新开放并达到满负荷运营,带来了显著的增长。而在美国国内,佛罗里达州的迪士尼世界游客数量下降,而加利福尼亚州的迪士尼乐园则看到了游客数量的增长。
Outlines
📈 迪士尼公司第三季度财报分析
迪士尼公司在本周三公布了其第三季度的财报,结果显示在电影、电视、流媒体和公园等四个关键领域的收益表现参差不齐。CEO Bob Iger 在财报电话会议上提出,电影制片厂、主题公园和流媒体将是公司未来增长的驱动力。然而,传统电视业务,包括ABC、FX、国家地理和ESPN等频道,正面临收视率和广告收入的下降。迪士尼将电视业务评为E级,认为尽管ESPN的广告收入有所上升,但整体电视业务仍面临挑战。
🎬 迪士尼电影部门的挑战
迪士尼的电影部门也面临挑战,最近的电影如《印第安纳·琼斯》、《蚁人与黄蜂女:量子狂潮》、《小美人鱼》、《皮克斯的元素》和《鬼屋魔影》等均未达到预期的票房成绩。尽管迪士尼的电影部门在2023年迄今为止的收入仍然领先于其他主要电影制片厂,但与前几年相比,票房收入的下降和高昂的制作预算使得迪士尼需要重新考虑其电影策略。迪士尼的电影部门被评为C级,表明尽管存在挑战,但仍有潜力。
📉 Disney+ 流媒体服务的困境
Disney+ 流媒体服务曾被视为公司的救星,但最新一季财报显示,流媒体业务亏损5.12亿美元,虽然比预期少,但自2019年推出以来已累计亏损11亿美元。订阅用户数量也有所下降,特别是在印度市场。为了解决这些问题,迪士尼宣布提高订阅价格,并计划打击密码共享行为。Disney+ 的评级为D级,表明尽管有潜力,但目前仍面临财务亏损和内容策略上的挑战。
🎢 迪士尼乐园部门的亮点
与媒体和娱乐部门的下滑相比,迪士尼的公园部门显示出了增长,盈利能力上升了11%。这一增长部分归因于上海和香港的公园重新开放。迪士尼邮轮业务已基本满负荷运营,而美国本土的迪士尼世界和加州的迪士尼乐园则呈现出不同的趋势。尽管佛罗里达州的迪士尼世界游客数量有所下降,加州的迪士尼乐园却看到了游客数量的增长。迪士尼乐园部门被评为B+级,是迪士尼目前表现最好的部门。
Mindmap
Keywords
💡迪士尼公司
💡Q3财报
💡流媒体服务
💡主题公园
💡电影业务
💡ESPN
💡线性电视
💡广告销售
💡股票价格
💡内容创作者
💡投资回报
Highlights
华特迪士尼公司报告了其第三季度的收益,结果喜忧参半。
迪士尼的收益报告中,有四个关键领域值得关注:电影、电视、流媒体和公园。
CEO Bob Iger 预测,电影制片厂、主题公园和流媒体将是推动公司未来增长的三个领域。
传统电视业务,包括ABC、FX、国家地理和ESPN等频道,正面临挑战,收入下降23%。
ESPN的广告收入增长了10%,但有线电视订阅收入正在减少。
迪士尼考虑出售ESPN的部分业务,并与赌博运营商Penn Entertainment合作推出ESPN品牌的体育博彩。
迪士尼的电影部门面临挑战,最近的电影表现未达到预期,2023年可能成为自2014年以来迪士尼首次没有电影票房超过十亿美元的一年。
尽管电影部门面临挑战,迪士尼在2023年的电影票房收入仍然超过了其他主要电影制片厂。
迪士尼+流媒体服务在本季度亏损了5.12亿美元,但亏损幅度小于预期。
迪士尼+的订阅用户基础在上个季度下降了1%,尤其是在印度市场。
为了解决流媒体服务的问题,迪士尼宣布提高订阅价格,并打击密码共享行为。
迪士尼公园部门与媒体和娱乐部门不同,近年来实际上看到了盈利能力的增长,本季度增长了11%。
迪士尼的邮轮业务现在基本满负荷运营,而佛罗里达的迪士尼世界和加利福尼亚的迪士尼乐园的游客人数则有增有减。
尽管迪士尼公园部门面临一些挑战,但它仍然是迪士尼最强大的部门之一。
迪士尼的整体收益在上个季度同比增长了3.8%,但由于未达到投资者预期,公司股价在收益电话会议后下跌。
尽管电影工作室面临挑战,但最近《芭比》等电影的成功表明,电影行业仍有希望。
Mattel计划通过其电影宇宙(包括《行动队:抢劫》、《热血风火轮》等电影)成为新的迪士尼。
Nebula是一个由众多创作者共同构建的流媒体服务,提供无广告和独家视频内容。
Transcripts
this video was brought to you by nebula
on Wednesday the Walt Disney Company
reported its Q3 earnings and the results
were mixed at best when it comes to
Disney's earnings there are four key
verticals worth looking at Movies TV
streaming and Parks so in this video
Let's dive into Disney's earnings report
where I rank Disney on each of these
four verticals and more importantly
discuss what all of this tells us about
the beleaguered media Giant and if
there's any chance that they could
return to their former glory
during Disney's latest earnings call CEO
Bob Iger remarked that there were three
areas of the business that he predicted
would drive the company's future growth
film studios theme parks and streaming
that leaves traditional television where
iger's career actually began as a sort
of unloved fourth child so how about we
start there when it comes to traditional
TV Disney currently owns a handful of
channels collected under the remarkably
drab title Disney General entertainment
content these include ABC FX National
Geographic and Cable Sports giant ESPN
which doesn't technically fall into this
business unit and is 20 owned by Hearst
but we'll get on to that in a moment now
if you come there's no surprise to
anyone that these core channels are
struggling right now TV is in a
Perpetual state of Decline and Disney is
no exception the latest earning report
showed that TV pulled in 1.9 billion
dollars in quarterly operating income
which sounds good but is down 23 from
the same quarter last year with Disney
blaming this drop on three factors
advertising sales lower payments from
ESPN subscribers and higher Sports
programming costs now lower advertising
sales especially on ABC does make some
sense after all fewer and fewer people
are actually tuning in to linear TV but
it goes deeper than just declining
viewership because not only are there
fewer eyeballs to sell to advertisers
but advertisers are also looking to pay
less without seeing a broader slowdown
in the advertising Market worldwide
group M and Magna both revise down their
predictions for advertising expecting
Global ad Revenue to only Rise by 5.9
and 4.8 percent in the next year now
that does mean that they're still
expecting advertising spend to go up
globally by about five percent but when
you take into account inflation and the
fact that a smaller percentage of these
dollars are actually being directed to
TV advertising you can see why Disney is
so glum about traditional TV ESPN is an
exception here though their advertising
revenue is up 10 but that doesn't mean
that they're perfect either remember
just a moment ago I said that IGA blamed
the division's decline largely on ESPN
ESPN's major profit driver has always
been cable subscriptions but as people
cut the cord faster than ever this
revenue is drying up add to that
additional competition for sports rights
with both apple and Amazon buying up
broadcasting rights for major events and
you've got less money coming in from
cable and more money going out to
acquire these rights now ESPN has been a
major Revenue driver for Disney for
years now but Igor is supposedly
considering selling off part of this
business as I said earlier it's already
only 80 owned by Disney and while Iger
did make it clear that he doesn't want
to sell off the business altogether it
does seem that he might be willing to
sell off parts of the business
potentially to the NFL MBA or MLB which
have all met with Disney recently maybe
more telling though is the announcement
from the middle of the week when ESPN
revealed that they'd be partnering with
gambling operator pen entertainment to
launch an ESPN branded Sportsbook
unsurprisingly family friendly of Disney
has been reluctant to get into the
gambling industry for a while so it's
telling that they're now considering it
for the first time on balance then I
give Disney's TV business an e-grade it
has got some potential especially ESPN
but just Cashing Out might be the best
thing to do here let's move on to movies
where the picture isn't that much Rosier
with their latest slate of releases
falling pretty flat oh that includes
movies like Indiana Jones and the dial
of Destiny Marvel's Ant-Man and the WASP
Quantum Mania The Little Mermaid Pixar's
Elemental and the Haunted Mansion now of
these Indiana Jones failed to meet the
expectations of previous releases
Ant-Man was a rare Marvel movie to lose
tens of millions during its theatrical
Run The Little Mermaid failed to make a
splash falling dramatically short of
expectations
Elemental failed to capture the Pixar
spark and the Haunted Mansion while
newly released is also struggling to
build up much hype not helped by strikes
impacting its promotion cycle which
combined offers Disney a chilling
challenge to find a movie that people
actually want to watch now IGA does
still seem more optimistic about this
area of the business than TV with him
pointing out recent successes like
Avatar and Frozen remarking that Disney
has had a tremendous run over the past
decade while still recognizing that the
performance of our recent films has
definitely been disappointing and we
don't take that lightly he's not wrong
either unless something miraculous
happens in the back half of this year
2023 will be the first year since 2014
where Disney failed to make a billion
dollars from any movie a particularly
Stark drop from 2022 which saw billion
dollar hits including black panther
doctor strange and the third highest
grossing movie of all time Avatar 2. and
not making it to a billion dollars is a
big issue for Disney a studio which
variety describes as following an all
tent pole all of the time strategy with
Disney dropping huge budgets on
basically all of their projects they
relied on the fact that they could
easily pull in billions at the box
office to cover these budgets however
with many criticizing the creativity of
Disney's projects with changing tastes
reducing China's appetite and with
Russia totally cut out of the system
it's not as easy to recoup these costs
as it once was now to be fair this
shouldn't be overstated these movies
might all be considered flops to some
extent or another but Disney does still
somewhat dominate the movie industry
Disney has pulled in about 3.4 billion
dollars from its movies in 2023 thus far
beating out every other major Studio
even beating out universal who released
the highest grossing individual film
this year the Mario movie they've also
earned more than Paramount and Warner
Brothers combined although bad data
doesn't yet include the barberheimer
phenomenon so these figures are subject
to change
all in all then Disney is still a force
to be reckoned with when it comes to
cinema but with declining box office
figures and huge budgets Disney is
either going to need to cut back or come
up with a new strategy to monetize these
movies I'm giving Disney's film Division
A C grade speaking of new strategies
Disney plus was long hailed as the
savior of the company especially during
covid when the company's rapid growth
led to widespread investor Acclaim but
things have changed a little bit since
then I'm not going to go into too much
detail here because we're working on a
separate video about the issues with
Disney plus and whether it's secretly
killing the company which you should
subscribe and ring the bell to be
notified about but here's the trdr
summary this quarter streaming lost
Disney 512 million dollars which is bad
but admittedly 32 less than forecasted
and is significantly less than the 1.06
billion which they in the same quarter
of 2022. all in all though that means
that the streaming business has lost
Disney 11 billion dollars since it was
launched in 2019 which is pretty
impressive Disney subscriber base also
fell by one percent in the last quarter
although a large chunk of that is due to
a 24 decline in India after Disney lost
the rights to stream Indian Premier
League cricket now a 24 drop is
obviously not great especially in a
market where Disney has put a lot of
investment but generally they make less
profit from Indian subscribers than
other countries so it's not necessarily
a huge profit issue especially as
domestic subscribers stayed flat and
other International markets actually saw
growth regardless in an attempt to fix
these issues Disney announced that
they'd be increasing the cost of
subscriptions with these new prices now
double what they charged when the
service launched and IGA has also said
that much like Netflix the company will
also be clamping down on password
sharing I'll save my full analysis for
that other video but for now I'm going
to give them a d tier streaming does
have potential for Disney but with it
losing money quarter after a quarter and
burning out major franchises it's hard
to justify anything higher than that
right now finally we have a bit of a
bright spot here Disney's Parks division
unlike the company's media and
entertainment unit which we've been
discussing thus far and is facing
precipitous decline over recent years
Parks actually saw profitability Rise by
11 this quarter now calm down a little
bit because much of this came from
overseas for instance Disney's parks in
Shanghai were closed due to covid
restrictions for most of last year and
Hong Kong was also impacted by covert
travel in 2022 so merely the fact that
these parks are back open and at
capacity does explain quite a lot of
this huge growth that's not to say that
there isn't some success here Disney's
Cruise Line for instance is now
basically operating at full capacity
although that too could be put down to
pandemic driven pressures lifting and
people being more willing to get on Big
gross plague boats once again
domestically the story is also mixed
attendance at florida-based Disney World
actually declined this quarter while
California's Disneyland did see an
uptick in attendance Florida also
suffered on the back of the Park's
disastrous Galactic Cruiser Hotel a
two-day Star Wars experience which cost
guests about five thousand dollars
perhaps unsurprisingly despite the
billion dollars that Disney spent on the
project that price tag was simply too
high for many people with the park
forced to shutter the project after only
about a year and a half now tons of
YouTube channels have analyzed this to
death but the TR is that this was super
costly for the park and with its
demolition now being written down for
tax purposes we're seeing this hit in
Florida's profitability all in all the
parks division is still pretty strong
and while a lot of core fans are
complaining about the parks at the
moment it seems the general punters are
still showing up and making this
Disney's highest tier division I'm
giving it a B plus all in all then
Disney isn't in the greatest State while
its overall revenue from the last
quarter grew by 3.8 percent year over
year mostly thanks to Parks it still
came in below investor expectations
resulting in a stock drop after the
earnings call which marks yet another
drop for the company which has already
seen a 19 drop in share price over the
last year but that being said not every
movie studio is struggling this much
with recent successes from Oppenheimer
and to a greater extent Barbie showing
that there is hope for the industry
especially in theaters in fact we made a
whole video outlining the success of
Barbie's marketing campaign and how it
helped the movie become the 40th highest
grossing film of all time already we
also made another video about Mattel's
plans to capture lies on this success
and become the new Disney via their
Mattel Cinematic Universe which is set
to include an action Heist Uno movie an
emotional and gritty Hot Wheels film as
well as films for big gym boglins and
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