Disney Stock Downgraded Due to Stalled Streaming Growth and Low Theme Park Usage
The Losses Have Been Massive
KeyBanc Analyst recently downgraded Disney Stock after uncertainty facing the company. Disney Streaming faced losses of 4 million subscribers around the world in quarter one of this year. Many of these lost subscribers were from India, but U.S. and Canada losses during this same period of time amounted to over 300 hundred thousand subscribers.
Disney Streaming Subscriber Numbers Tank
Around the world, the number of subscribers canceling Disney's streaming service Hulu and Disney+ have reached 4 million. And with no clear end in sight, compounded by low attendance numbers a Disney Theme parks. Their stock price is also now being downgraded.
With another loss of $359 billion dollar loss from streaming during the 2nd quarter. And even though current CEO Bob Iger is trying to reduce costs, the outlook for Disney to become profitable is not looking good.
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Things are Not Looking Better At The Box Office as Recent Movies Tank Worldwide
It's not just Themepark and Streaming numbers that are looking bleak for Disney, their latest box office offering Strange World reported on by Variety also lost 100 Million dollars.
While this may be a continued backlash against some of the past decisions made by the company that raised the ire of many of its customers.
It can also be a combination of inflation and higher prices taking its toll on consumers' budgets. Which is also affecting many other paid streaming TV service providers as well.
