Disney CEO says production is delayed due to Covid Delta variant
The recurrence of Delta strain of the coronavirus delayed the production of some of its titles, Walt Disneys Co-Chief Executive Director Bob Chapek said on Tuesday.
Shares in the company that was hard impacted when amusement parks and film theatres were forced to shut down by the epidemic of coronavirus plummeted roughly 3% percent following Chapek’s declaration.
“Our TV group has hundreds of new programs in production … but the resurgence of COVID and Delta did impact some of our productions so that we’ve got a lighter product quarter in Q4 than we might have expected,” Chapek stated at the Goldman Sachs Communacopia Conference.
Overall, production delays by COVID were seen globally, which in turn affected the provision of new content, but problems were short-term, he further added.
The Disney Streaming service Disney+ which began in November 2019 saw more consumers tuning, but new entries and firms including Apple and Netflix invest in the production of more programs. Disney Streaming Service was a strong rivalry.
Chapek said the business remained “extremely enthusiastic and confident” in the long-term development of its subscription, but “a little more noise” than planned could exist.
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