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Disneyland May be Facing a $2 Billion Loss due to COVID-19

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It has been a tough year for the Walt Disney Company. Theatres, merchandise sales, and theme park business all came to a halt owing to the pandemic. Even when the company tried to reopen a few of their rides parks with closed rides and keep in mind the social distancing norm, it did not go well with the public.

Michael Nathanson, a financial analyst and a founding member of the firm, has projected that the shutdown adds to an eye-watering loss of $2.2 billion in 2020, which will undoubtedly have disturbing consequences on the employees. In September, the company announced that they were laying off 28000 workers from their park divisions.

Out of these layoffs will come to 8700 employees in the California resort. Also, he is expecting damage to approximately $5 billion. Disney will have to change the gears and maximize profits during a pandemic. One of the company’s bright stars is Disney+, where Mulan is doing very well on VOD. The company might be able to revive itself by reconfiguring itself to benefit the online income streams.

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Diksha

Diksha Dutt is a coder, blogger, and teacher. Apart from blogging, she is an avid reader and a travel enthusiast. Thanks for stopping by and getting to know her.

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