The Numbers Confirm It -- Disney Still Needs Theaters

It wasn't one of the numbers revealed within Walt Disney's (NYSE: DIS) fiscal fourth-quarter press release posted in early November, but it was quietly slipped into the 10-K filing submitted to the SEC the day before Thanksgiving. Disney generated a modest $933 million worth of premium streaming business for the fiscal year ended in October. That's only a fraction of the streaming subscription revenue the company collected during the same year, and a similar fraction of its typical box office take before the coronavirus pandemic rattled the entire film industry.

If pay-per-view demand for new theatrical releases wasn't a big draw in the midst of a lingering pandemic that kept most people at home for the better part of the past year, maybe the idea just isn't all that marketable.

As a refresher, Disney released four feature films to Disney+ subscribers in fiscal 2021 at the same time they debuted in theaters: Black Widow, Raya and the Last Dragon, Jungle Cruise, and Cruella. But remember, the company didn't give these releases away. Disney+ subscribers still had to pay an additional fee on top of the streaming service they already paid for.

Source Fool.com