Revenues as Reported
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
- Overall Revenue Trend
- The total revenues show a recovery and growth trend after an initial decline. Revenues decreased from $69,570 million in 2019 to $65,388 million in 2020, likely reflecting external challenges during that period. From 2020 onwards, revenues steadily increased each year, reaching $91,361 million by 2024.
- Subscription Fees
- Subscription fees displayed significant and consistent growth, increasing more than ninefold from $2,244 million in 2019 to $20,446 million in 2024. This indicates a strong and expanding customer base or higher revenue per user in streaming and subscription services.
- Affiliate Fees
- Affiliate fees peaked in 2020 at $17,929 million and then showed a gradual decline over subsequent years, dropping to $16,107 million by 2024. This suggests potential challenges or shifts in partnerships or distribution agreements impacting this revenue stream.
- Advertising
- Advertising revenues increased moderately from $10,505 million in 2019 to a high of $13,048 million in 2022, followed by a decline to $11,894 million in 2024. This pattern may reflect fluctuating advertising budgets or changing market conditions impacting advertising spend.
- Theme Park Admissions
- The revenue from theme park admissions declined sharply from $7,540 million in 2019 to $3,848 million in 2021, likely due to operational restrictions or reduced attendance. A significant recovery occurred in 2022, reaching $11,171 million in 2024, surpassing prepandemic levels, signaling a strong rebound in visitor numbers.
- Retail and Wholesale Sales of Merchandise, Food, and Beverage
- This segment experienced a drop during 2020 and 2021, dipping to approximately $4,950 million, followed by a robust recovery beginning 2022, increasing to $9,204 million by 2024. The growth post-2021 indicates a resurgence in consumer spending in retail and food services.
- Resort and Vacations
- Similar to theme parks, resort and vacation revenues fell substantially in 2020 and 2021, hitting a low of $2,701 million in 2021. Recovery from 2022 onward has been consistent, with revenue reaching $8,375 million in 2024, reflecting renewed travel and vacation activities.
- Merchandise Licensing
- Merchandise licensing revenues remained relatively stable over the period with minor fluctuations, ranging between $3,128 million and $3,969 million. No clear upward or downward trend is evident, indicating steady but limited growth.
- TV and VOD Distribution Licensing
- Revenues in this category declined steadily from a peak of $6,443 million in 2020 to $2,603 million in 2024. This suggests diminishing returns from traditional media distribution or shifting strategies in content delivery.
- Theatrical Distribution Licensing
- This category showed high volatility, with a notable decline from $4,726 million in 2019 to $920 million in 2021. Some recovery occurred in 2022 and 2023, but revenue decreased again in 2024 to $2,266 million. This volatility reflects changing dynamics in theatrical releases and licensing activities.
- Home Entertainment
- Home entertainment revenues consistently declined from $1,831 million in 2019 to $753 million in 2024, indicating a general industry trend away from physical or traditional home entertainment formats.
- Other Revenues
- Other revenues decreased from $3,777 million in 2019 to a low of $2,905 million in 2021, followed by a rise to $5,050 million in 2023 and a slight decline in 2024 to $4,758 million. This pattern indicates some volatility but an overall recovery in miscellaneous income sources.