Disney posts gain in Australian profits and cracks down on password sharing
Disney's growing profitability serves to intensify pressure on Australian rivals in an already crowded and competitive local streaming market.
Global streaming and entertainment behemoth The Walt Disney Company has recorded a 33% increase in Australian profits, as it prepares to crack down on password sharing as part of a global race to catch up to market leaders Netflix.
In its latest Australian corporate filings, lodged last week, Disney reported a lift in local profits from $46.3 million in 2022 to $60.1 million in the 2023 financial year, on $810.6 million in total revenue. The company paid $16.8 million in tax.
Disney’s total revenue in Australia rose 15% from $704.5 million in 2022, buoyed by a surge in licensing fees, which includes the company’s Disney+ streaming service and other media partnerships such as its carriage agreement with Foxtel for ESPN.
The strong headline numbers suggest Disney’s streaming and media distribution businesses are performing well in the Australian market, though its financial statements do not provide a detailed breakdown of the revenue it rakes in from film distribution, broadcast licence fees, and its broader Australian streaming business. Disney declined to comment.
