Mr. Chapek, who took over from Robert A. Iger in 2020, indicated that he was willing to think outside the box. “What we have seen time and time again is that the elasticity of Disney and its brand is much greater than we might have given it credit,” Mr. Chapek said on the conference call. He added that more than half of Disney+ subscribers do not have children.
At the same time, Mr. Chapek highlighted the recent success of the animated musical “Encanto,” which arrived on Disney+ just before the quarter ended. “The Book of Boba Fett,” a limited series set in the “Star Wars” universe, also began rolling out on Disney+ in December, with the company hoping to build on the momentum of “The Mandalorian,” one of the service’s top performers. Another “Star Wars” series, “Obi-Wan Kenobi,” will arrive on May 25.
Disney said it had logged $4.7 billion in total streaming revenue in the most recent quarter, up 34 percent from a year earlier, in part because Hulu, which Disney owns with Comcast, raised subscription prices. Nonetheless, Disney’s streaming division lost roughly $600 million — about 27 percent more than a year earlier — because of costs that included content production, marketing and technology infrastructure.
Operating profit at Disney Parks, Experiences and Products totaled $2.45 billion, compared with a loss of $119 million a year earlier, when some of Disney’s properties were closed because of the pandemic and others, including Walt Disney World, were capping daily attendance. Disney cited the return of its cruise line, albeit with limited capacity, as another reason for the division’s rebound.
Higher prices at Disney parks also helped, as did the introduction of a digital tool, Genie+, that allows park visitors to drastically shorten ride wait times. It costs $15 at Disney World in Florida and $20 at Disneyland in California.
“We have been blown away,” Mr. Chapek said of Genie+ purchases. (Disney World’s previous line-skipping system was free.)
Christine M. McCarthy, Disney’s chief financial officer, noted that attendance was strong at Disney World even though “we haven’t yet seen the return of our international guests.” Overseas visitors accounted for roughly 20 percent of the resort’s attendance before the pandemic.
