Streaming Services Help Disney Cope With Park Closures

A man takes a photo outside the gates of Disneyland Park on the first day of the closure of Disneyland and Disney California Adventure theme parks due to the spread of COVID-19 in Anaheim, Calif., on March 14, 2020. David McNew/AFP via Getty Images

BURBANK, Calif. (CNS)—The Walt Disney Co. reported sharp year-over-year third-quarter revenue drops Aug. 4, thanks in part to the COVID-19-prompted closure of its theme parks—but the success of its streaming services, most notably Disney+, gave the Burbank company a needed boost.

Disney reported third-quarter revenue of $11.8 billion, a 42 percent drop from last year’s third quarter, but still ahead of industry expectations.