In many ways, the pandemic hit Disney harder than any other media and entertainment company.
The Burbank, Calif.-based entertainment giant lost $2.8 billion in fiscal 2020, furloughed more than 100,000 workers, laid off thousands, delayed the release of its biggest blockbusters, closed an animation studio (R.I.P. Blue Sky) and decided to shed 60 Disney Stores to focus on e-commerce.
In the middle of all of this, the company — which addresses shareholders Tuesday at its annual meeting — has accelerated its transformation into a “direct-to-consumer first” business. At the center of that transition is Disney+, nearing 100 million subscribers worldwide, thanks to hits like “The Mandalorian,” “Hamilton” and, of course, “WandaVision.”
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