Disney faces an Avengers: Endgame-sized hole as earnings plummet
Photo: Film Frame / Marvel Studios
Disney continues to face financial woes in just about every part of its business, but one year after Avengers: Endgame came out, it’s clear just how much the pandemic has affected its studios division.
Disney didn’t release any major films last quarter, and the third quarter earnings report shows how much that impacted the company. Overall, revenue hit $11.78 billion, down from $20.2 billion the year before, but most of that came from streaming. Studio revenues decreased 55 percent in the quarter to $1.7 billion, the company announced. That means Disney made $1.7 billion this quarter, and $3.8 billion in the same time frame last year. What it shows is there’s a big Avengers: Endgame hole in the calendar, and it’s a perfect example of...