Hollywood media conglomerate Disney has much reason to cheer. On the back of increased spending on Disney theme parks, and their successful summer feature Oz the Great and Powerful, profits reportedly rose a whopping thirty two percent.
Revenue from the studio and cable networks increased ten percent, to a staggering $10.6 billion, while the parks and recreation areas saw revenue zoom fourteen percent, and operating income to seventy three precent. Speaking about the new innovations in the theme parks, such as Cars Land, and Fantasyland, CEO Bob Iger said, “The product that we recently put online really worked, like California Adventure and Fantasyland, and the product we had online for years and years in many respects looked better to consumers.”
Meanwhile, the movie studio saw growth in this year. Standing at a profit of $118 million, Disney had a great first quarter. A slew of potential blockbusters lined up, like Iron Man 3, Star Wars sequels, among others.
However, interactive gaming saw a dismal quarter, with a loss pegged at $54 million. Saying that he was doubtful the division would break even this year, Iger added, Infinity is going to help drive profitability for fiscal 2014.”
In a statement released to investors and shareholders, Disney said “Overall, net income increased 32 percent from a year earlier to $1.5 billion for January through March.”