Disney’s third-quarter revenue and net profit fell short of analysts’ expectations，Dan Film and Television Entertainment、The three major businesses of theme parks and bandwidth have strong growth momentum，The operating profit of the theme park business increased by 15% year-on-year to US$1.4 billion。

It is reported，The reason why Disney’s revenue and net profit fell short of expectations，Mainly because the company recorded the cancellation of two 188bet Online Sports Betting and Casino animated film projects as an asset loss of US$100 million。

Financial report display，Disney’s third quarter revenue and profit per share were 152 respectively.$300 million and 1.USD 87，Below the 153 expected by Thomson Reuters analysts.$400 million and 1.USD 95。In comparison，Disney’s revenue in the same period last year was 142.USD 400 million，Adjusted earnings per share is 1.USD 58。Also，Net profit of the company’s overall business increased by 23% year-on-year to US$2.9 billion。

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Theme park business revenue increased 6% year-on-year to US$5.2 billion，Operating profit increased 15% year-on-year to 13.USD 400 million。Disney said，The reason for the surge in operating profit is that the average ticket price increased, which boosted the consumption of visitors to the park，Improving hotel room occupancy rate and food、Increased revenue from beverage and merchandise sales。The U.S. Department of Commerce released data on rising consumption 188bet app levels in June this year，The trends presented in Disney’s financial report can basically reflect the general consumption attitudes of domestic consumers in the United States。

However，On the other hand，The theme park business is also affected by other factors，For example, the cost of Disney’s domestic theme parks is increasing、This year’s Easter holiday was mostly celebrated in the first quarter while last year it was mainly celebrated in the second quarter, etc.。

In the international theme park business，Shanghai Disney Resort’s visitor numbers increased year-on-year，Tourists’ consumption in catering has also increased，But the fare is lower than before。Hong Kong Disney Resort operating profit increased，Mainly due to the increase in tourists、Increase in room occupancy rate and increase in average ticket price。Disney Paris’ performance is basically the same as the same period last year。

As Disney’s global expansion continues to accelerate，The company’s investment in projects is also increasing。For example，The seventh Toy Story theme park opened in Shanghai Disney Resort in April this year、Disney announced an investment of US$2.5 billion in Disneyland Paris at the end of February，Planning to build three new Star Wars and other theme parks、At the end of February this year, it was announced that it would spend US$1.4 billion to expand Hong Kong Disneyland, etc.。

“The company has launched many attractive new projects，Toy Story Land has opened in Shanghai Disney in April this year，The Star Wars theme park will also open in the fall of 2019，The opening of new parks can provide the company with more opportunities in terms of pricing or revenue。" Bob Iger told analysts on conference call。

There was a lot of talk on the conference call about Disney’s acquisition of Fox, which has been approved by the board。Eiger said，The 21st Century Fox assets acquired by Disney for $71.3 billion include 20th Century Fox Film Company、National 188bet online sports betting Geographic Magazine, etc.。“These assets are in line with the company’s growth plan to vigorously develop IP brands，The IP resources held by Disney can also help the company's products meet the needs of consumers and the creative community in the market。”

Iger didn’t mention much about the theme park business on the conference call，However，He said，Disney plans to support Fox’s National Geographic brand，Promote the travel value of the brand，Focus on eco-tourism related to National Geographic business。Except theme parks，Disney’s tourism business also includes cruises and organizing group tours。

Film and television resources have become the core content of theme parks and streaming media services

Film and television entertainment is the business most closely integrated between Disney and theme parks。As the world’s largest theme park operator，Disney’s driving force for continuous innovation comes from the continuous introduction of IP content from classic movies into theme parks。Shanghai Disney mentioned above、Hong Kong Disneyland、In the expansion project of Disneyland Paris，Whether it is building a theme park，It is better to add riding facilities and attractions，It is inseparable from the strong influence brought by previous or existing film IP。For example，"Beauty and the Beast" in Tokyo Disney、"The Incredibles" at Hong Kong Disneyland、"Toy Story", "Star Wars" and more at the Hollywood Movies and TV Theme Park。

Financial report display，Disney’s film and television entertainment business revenue in the second quarter 28.USD 800 million，Slightly lower than StreetAccount 28 owned by FactSet, a financial data analysis agency.US$900 million expected，Net profit increased by 10.8% to 7.USD 0.8 billion。Disney said，Film and television entertainment revenue increased by 20%，Mainly because "Avengers 3" produced by Marvel and "Incredibles 2" produced by Pixar achieved good box office results。After 188bet Online Sports Betting and Casino the release of these two movies, the global box office quickly exceeded the US$1 billion mark，Among them, "Avengers 3" took only 11 days to earn US$1 billion at the global box office，Set a new record in film history。

In fact，The success of a movie，Not only can provide story creation materials and IP brands for theme park projects，Can also drive many other businesses including consumer products。For example，"Avengers 3" earned more than 2 billion US dollars at the global box office，The company licenses toy production to the world's largest toy company, Lego Group，The LEGO Group has achieved significant growth in performance，Disney’s consumer products business revenue also increased。Consumer products business profit fell 10% to 3% in the quarter.US$2.4 billion，Mainly due to the decrease in Disney licensing and merchandise sales revenue。

Disney plans to launch a streaming media business with film and television content as the core next year to compete with online streaming media platforms such as Netflix。After acquiring Fox assets，Disney plans to make the film and television assets in Fox assets similar to Marvel、Star Wars or Lucas Film and Television Company capable of producing blockbusters。Eiger said，Disney will increase its investment in Fox’s Fox cable channels、Investments in the three major businesses of Fox SearchLight and National Geographic，He believes that these businesses will play a big role in the company’s process of building a streaming media platform。

In the film business，Disney currently occupies the leading position in the domestic movie box office with a 35% market share，After the integration of the Fox film business expected to be acquired，Leading advantage will be further expanded。Despite the acquisition of Marvel、The film series produced by Lucasfilm and Pixar is a hit，The release of "Avengers 3" and "The Incredibles 2" this quarter is the best proof，However, in the second quarter, Disney’s cancellation of two 188bet Online Sports Betting and Casino animated film projects was also the main reason for the eventual lower-than-expected revenue。

Also，In June this year, Disney announced the closure of DisneyToon Studios, a low-cost animation production business that had been operating for more than 30 years，This film and television company has produced direct-to-family video movies such as "Tinker Bell" and "Mulan 2"，The gradual erosion of the market share of home entertainment films by streaming platforms is one of the main reasons for the closure of this business。

In the TV business，Disney has launched a sports-focused ESPN streaming platform，Eiger said，Since the launch of new low-cost pay TV packages，The massive decline in ESPN network subscribers has eased。Said Vasily Karasyov, analyst at Cannonball Research, a New York research institution，Iger’s optimism about the future of ESPN’s business dispels investors’ worries about Disney’s film and television business。Disney attaches great importance to plans to incorporate the TV business on streaming media platforms，Recently there is news that Disney will repurchase 2 from 2016.Sold to telecommunications giant AT for US$7.5 billion&T’s four “Star Wars” television rights，The purpose is to make the complete Star Wars film and television content available exclusively on its streaming media platform。

Disney’s four major businesses complement each other，Inseparable。Film and television entertainment business is the foundation，Can provide a large amount of IP resources for the construction of new attractions in theme parks and licensing of consumer product business，It can also provide high-quality content for the streaming media platform launched next year，The development and growth of streaming media business can in turn promote the transformation and upgrading of traditional cable TV network business，Further expand the scope of user services and user base。