Entertainment giant, Disney recently announced that it will close 20% of its 300 retail stores globally with additional store closures and an undisclosed number of layoffs to follow, as per reports. The company continues to shift its focus towards its e-commerce business by offering more products and services on its ShopDisney website. The step seems to be logical with how the pandemic has changed the way businesses function to sustain and/or grow as consumer habits and behavior have changed amid the pandemic.
With Disney’s parks and cruises shut or only partially open, the company’s primary focus has been around its year-old streaming service, Disney+. The platform has already boomed to nearly 95 million subscribers, second to Netflix. It further expects to have up to 260 million subscribers by 2024.
Movies that normally would have hit theaters are now expected to stream in our homes. Media companies such as ViacomCBS, Discovery, and Disney, will focus on pulling in as many subscribers as possible for their trend continues to soar, and more households ditch the cable bundle.
Dow 30 Component, The Walt Disney Company (DIS), and its subsidiaries is a diversified worldwide entertainment company that operates in four business segments: Studio Entertainment, Media Networks, Parks and Resorts, and Consumer Products & Interactive Media. To learn more about this Dow 30 Component, The Walt Disney Company (DIS), and to continue to track its progress please visit the Vista Partners Walt Disney Company, Coverage Page.
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