Few major conglomerates are as vulnerable as Disney. The pandemic threatens to damage every sector of Disney's business. 'Every part of Disney is exposed to COVID,' said Matthew Ball, a media analyst and former head of strategy at Amazon Studios.
"In addition there has been a disruption in creation and availability of content we rely on for our various distribution paths, including most significantly the cancellation of certain sports events and the shutting down of production of most film and television content," the company said.
The coronavirus pandemic has hurt every media business. Some, like NBCUniversal, the parent company of NBC News, have had to weather similar damage to their parks, theatrical and film and TV divisions. Streaming services including Netflix have put a freeze on content production, which could affect their ability to retain subscribers later on.
"The shutdowns hammer every pillar of the business," according to one veteran Hollywood executive who asked to remain anonymous out of fear of jeopardizing professional relationships. “No part of the business is untouched, except for streaming, which may enjoy a spike as confined families watch more — but the content pipeline is frozen and cannot be replenished."
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