Disney sees big loss as pandemic hits parks, studios; subscriptions rise

The Walt Disney Company on Tuesday reported its quarterly earnings were hit hard as the pandemic emptied theme parks and cruise ships, while it hit a new milestone for streaming subscriptions.

The entertainment colossus said it lost $4.7 billion on revenue.

“Despite the ongoing challenges of the pandemic, we’ve continued to build on the incredible success of Disney+ as we grow our global direct-to-consumer businesses,” Disney chief executive Bob Chapek said in an earnings release for the quarter ending June 27.

The company has more than 100 million paid subscribers in what Chapek touted as a “significant milestone” affirming the company’s move to streaming its coveted content direct to homes.