More than Vibranium is mined in the mythical land of Wakanda.
Walt Disney Co.'s "Black Panther" helped the company in the second quarter outperform Wall Street estimates on Tuesday. The film, which became a cultural phenomenon after its release in February, generated more than $ 1.3 billion in worldwide ticket sales worldwide for the Burbank, California-based studio.
The film, the first major superhero movie with a predominantly black cast, shook up industry myths and made "a very loud statement about the importance of risk-taking and the value of inclusion," said Disney chief executive officer Bob Iger on Tuesday in a conference call.
The movie's surprisingly strong performance helped compensate for a television business suffering from industry-wide decline in pay-TV viewing. Disney's revenue was also helped by its theme parks, which were recorded in a seasonally weak quarter. Higher ticket prices and new attractions ̵
Disney's overall profit rose to $ 1.84 a share, excluding some items, ahead of Bloomberg's average estimate of $ 1.70. Revenues increased to $ 14.5 billion, compared to $ 14.1 billion
Disney's outlook is not so rosy in the television business. The viewers continue to cut and contribute to a 4 percent decline in profits for the cable division of the company. The cable gains were also squeezed by the inclusion of the now majority-owned BamTech streaming service and a relocation of college bowl games. Income in the ABC broadcast business remained unchanged.
The lukewarm TV results weighed on Disney's stock in late trading. They even went down 1.8 percent to $ 100.
The company has taken steps to prepare for the future of television, including the launch of ESPN +, a $ 5 online TV service launched in April. On Tuesday, Disney announced a deal to stream Ultimate Fighting Championship games on the new service.
However, much of Disney's entertainment strategy is in the air. It seeks to shore up its TV and movie assets by stocking a massive $ 21 billion 21st Century Fox Inc. film. But Comcast Corp., the largest US cable company, is considering making its own bid for this deal, a person with knowledge of the situation said this week.
Comcast also seeks to become European satellite TV operator Sky Plc – a store that Fox and Disney want to own. The situation is leading to a global stalemate between the world's largest media giants – and Iger's strategy may be frustrating turning Disney into a direct-consumer media company.
The executive said Tuesday that he was confident Fox's deal would continue.
The good news is that Disney's movie studio is going into another strong year. Movie releases, including last month's "Avengers: Infinity War" and the upcoming "Solo: A Star Wars" story, promise to cement the company's position in theaters in the first half. According to Box Office Mojo, Disney was responsible for a third of the domestic film business until 6 May. This was bigger than the three next largest studios together.
Despite the dominance of Disney at the box office, the company's share price has remained broadly unchanged over the last three years. It has risen around the $ 100 mark as investors become angry about the competition in the entertainment business, especially as online operators such as Netflix Inc. and Amazon.com Inc. are pushing deeper into the industry.