The Walt Disney company revealed that revenues are down more than $636 million in the second quarter of 2021 as compared to the first.
It was only a few months ago that Disney cancelled one of its star actresses because they didn't like comments she had made on social media. Shortly after that, it was revealed their internal corporate process is heavily influenced by critical race theory. And now, their revenues have dropped from $16.249 billion to $15.613 billion. This includes revenue across the entirety of the Disney universe, from parks to merch to television and movies.
According to Bounding Into Comics, Disney CEO Bob Chapek wrote including these words in the beginning of the financial report.
"We're pleased to see more encouraging signs of recovery across our businesses, and we remain focused on ramping up our operations while also fueling long-term growth for the Company."
"This is clearly reflected in the reopening of our theme parks and resorts, increased production at our studios, the continued success of our streaming services, and the expansion of our unrivaled portfolio of multiyear sports rights deals for ESPN and ESPN+."
The only area in which Disney has shown any improvement has been Disney+. In this area, they have added a net total of 8.7 million subscribers this quarter, going from 94.9 million to 103.6 million subscribers.
Even then, "that growth marks the slowest pace of quarterly additions since the streaming service launched in the final quarter of 2019," and is significantly below their original target of $109 million.
Disney has come under fire by critics in past months for everything from firing one of the starts of their best shows for purportedly purely political reasons to getting cozy with the totalitarian Chinese government in order to film Mulan in a region where slave labor and human rights abuses are common.
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