Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Disney

Disney's stock skyrocketed after market close Thursday when the company reported better-than-expected subscriber additions for its streaming service Disney+, offsetting losses in the company's studios, parks and resorts divisions.

Yes, but: Revenue fell 23% from this time last year to $14.7 billion and the company's profits disappeared. Still, the losses weren't as bad as investors anticipated and the company saw a boost from some successes in the reopening of sports and engagement in its broadcast network, ABC, around the election.

Why it matters: Thursday marks the one-year anniversary of the launch of Disney+. The company kicked off the direct-to-consumer service to compete with the likes of Netflix and Amazon Prime. At the time, Disney couldn't have imagined that the service would keep the company from financial collapse amid the pandemic.

Details: At of the end of the quarter on Oct. 30, Disney reported that Disney+ had more than 73 million subscribers. At its launch last November the company said its goal was to reach 60 million-90 million paid subscriptions by 2024.

  • "It has quickly exceeded our highest expectations," said Disney CEO Bob Chapek.
  • Disney+ is now available in more than 20 markets. On Tuesday, it will launch in Latin America, including Chile, Brazil, Mexico and Argentina.
  • Disney+ will expand to more overseas markets in the coming year, Chapek said, and the company plans to launch a direct-to-consumer general entertainment offering via its Indian network which it got in 2019 via its Fox acquisition.
  • Chapek said there's more room to grow its subscription business.

Be smart: Disney, like many of its entertainment rivals, reorganized its media and entertainment business around streaming this October.

  • Chapek said the new structure, which separates content creation from distribution, better aligns the company toward streaming.

The big picture: Disney, like many companies in the travel and tourism industry, said it was "very encouraged" by news earlier this week of progress around a COVID-19 vaccine.

  • While the company's parks and resorts abroad in places like China and at home in Florida have now reopened with new safety measures, its Disneyland Park and resort in California remains closed.
  • Chapek noted that the company is "extremely disappointed [the] state of California continues to keep Disneyland closed."
  • He pointed to the company's track record of reopenings globally, as well as its work facilitating safe NBA games through its Disney World "bubble," as examples that the company can and should be able to reopen safety.
  • Still, Chapek says production has begun to ramp up. "We now have more than 100 scripted projects in live production," he said."
  • He anticipates Disneyland will remain closed until the end of the fiscal first quarter, or Dec. 31 and expects theatrical results to be down significantly unpaired to this time last year.

What's next: Disney will provide an update on global subscriber numbers at its annual investment conference on Dec. 10. The company says it now has more than 120 million paid subscribers worldwide for its bundled streaming package, which includes Disney+, ESPN+ and Hulu.

Go deeper

Jan 19, 2021 - Economy & Business

The Daily Wire is profitable, and eyeing entertainment

Illustration: Eniola Odetunde/Axios

The Daily Wire, a conservative media brand known for its prolific Facebook presence and popular podcast "The Ben Shapiro show," is moving into entertainment, its CEO and co-founder Jeremy Boreing tells Axios.

Why it matters: The company, which is profitable and grossed $65 million in revenue last year, wants to differentiate itself from other conservative subscription media brands by focusing mostly on entertainment, rather than political commentary.

Updated 57 mins ago - Politics & Policy

Trump sues New York Times and his niece over tax report

Former President Trump hosting a boxing match in Hollywood, Florida on Sept. 11. Photo: Chandan Khanna/AFP via Getty Images

Former President Trump filed a $100 million lawsuit against the New York Times and his niece Mary Trump on Tuesday over the news outlet's 2018 reporting on his tax records, the Daily Beast first reported.

Details: The suit, filed in New York's Dutchess County, alleges NYT journalists "engaged in an insidious plot to obtain confidential and highly-sensitive records" and that they "convinced" Mary Trump to "smuggle records out of her attorney's office and turn them over to The Times."

Brazil's health minister tests positive for COVID during UN summit in N.Y.

President of Brazil Jair Bolsonaro (L) and Health Minister Marcelo Queiroga in Brasilia, Brazil, in May. Photo: Andressa Anholete/Getty Images

Brazil's Health Minister Marcelo Queirog has tested positive for COVID-19 while in New York City for the United Nations General Assembly (UNGA), he confirmed Tuesday night.

Why it matters: Hours earlier, Queirog had accompanied Brazilian President Jair Bolsonaro to the UNGA. The Biden administration expressed concern last week that the gathering of world leaders could become a coronavirus "superspreader event."