{"id":65735,"date":"2020-08-05T13:22:30","date_gmt":"2020-08-05T13:22:30","guid":{"rendered":"https:\/\/www.thefastfashion.com\/?p=65735"},"modified":"2020-08-05T13:22:30","modified_gmt":"2020-08-05T13:22:30","slug":"disney-says-mulan-plan-one-off-posting-5b-loss","status":"publish","type":"post","link":"https:\/\/www.thefastfashion.com\/?p=65735","title":{"rendered":"Disney says \u2018Mulan\u2019 plan a \u2018one-off\u2019 after posting $5B loss"},"content":{"rendered":"

After reporting an eye-popping $5 billion loss, Disney said it will release \u201cMulan\u201d directly to the Disney+ as it looks to its budding streaming service to carry it through the pandemic.<\/p>\n

Disney Chief Executive Bob Chapek on Tuesday told investors that the live-action version of its popular animated film from 1998 \u2014 originally scheduled to debut in theaters this summer \u2014 will now be sold on Disney+ for $29.99 starting on Sept. 4.<\/p>\n

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Disney\u2019s plans for \u201cMulan,\u201d which will also extend to Canada, New Zealand and part of Western Europe, will mark the first time it will charge for content on top of the $6.99 monthly fee subscribers pay for Disney\u2019s streaming service.<\/p>\n

The experiment comes as the Mouse House saw revenue for the three months ending in June plummet 42 percent over the previous year as the\u00a0pandemic devastated\u00a0its theme parks, movie and TV operations and its cruise lines.<\/p>\n

\u201cMost of our businesses were shut down and that had a huge impact on our results,\u201d Chapek said Tuesday.<\/p>\n

Despite the $4.72 billion loss on a $4.95 billion charge tied to pandemic expenses, Disney\u2019s stock rose 4.7 percent in extended trading to $122.85 a share on rising expectations for Disney\u2019s streaming business.<\/p>\n\n

Chapek also announced plans to launch a new international streaming service next year under the Star brand it acquired from Fox to capitalize on growing demand for at-home-movie watching. The service, Chapek said, will feature content Disney owns from ABC Studios, Fox Television, FX, 20th Century Studios and Searchlight.<\/p>\n

Chapek made clear, however, that the company behind \u201cFrozen\u201d and \u201cThe Lion King\u201d isn\u2019t giving up on the big screen yet. \u201cWe\u2019re looking at \u2018Mulan\u2019 as a one-off,\u201d Chapek said of the company\u2019s plans for \u201cMulan,\u201d which will be shown in theaters in China and other areas that have opened cinemas.<\/p>\n

During the quarter ended June 30, revenue at its streaming and international division rose 2 percent to $3.97 billion, helped by strong growth at Disney+, which now has 60.5 million global paid subscribers.<\/p>\n

Sales at its theme park and cruise lines, however, sank revenue 85 percent to $983 million, while its Hollywood studio sales revenue drop 55 percent to $1.74 billion.<\/p>\n

Disney posted a loss of $4.72 billion, or $2.61 a share compared with net income of $1.4 billion or 79 cents a share.<\/p>\n

The nearly $5 billion loss was largely due to a $4.95 billion charge the company took as a result of the pandemic. Stripping out the charge, Disney said net income totaled 8 cents a share.<\/p>\n

Revenue plunged 42 percent to $11.78 billion from a record $20.25 billion a year ago.<\/p>\n

Wall Street expected a net loss of 64 cents a share on sales of $12.39 billion.<\/p>\n

Adv<\/em>.<\/strong><\/p>\r\n\r\n