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In another stroke of bad luck, The Walt Disney Company (NYSE: DIS) reported another big loss to the tune of $710 million for the fourth quarter, making it a back to back loss having already been down in Q3 for the first time since 2001.

In the fourth quarter, the entertainment and media conglomerate posted a $0.39 loss per share compared with $0.43 earnings per share in the same period a year ago. Its Parks, Experiences, and Products segment suffered significantly (around $2.4 billion negative impacts) on its quarterly revenue due to the COVID-19 pandemic.

Disney's unfortunate financial losses mark another entertainment giant being eaten alive by the COVID-19 pandemic, which has killed revenues for millions of businesses across the globe. Although the company reported losses for this quarter, revenues were up for Disney+, a paid subscription service.

The company has reported 73.7 million paid Disney+ users, an increase from Q3 with 57.5 million subscribers. That said, the increase in users was not enough to bolster shortfalls in other areas of the company's business. Disney has noticed this shift and made it clear that it would be shifting towards streaming services as long as the pandemic continues to play a factor.

“There is a seismic shift happening in the marketplace, and you can either lead or follow and we chose to lead,” said Disney Chief Executive Bob Chapek over the company's decision to prioritize streaming.

Compared to 2019, the company has seen a 23% drop in revenue at $14.71 billion, an actual increase from original analyst projections for Q4. The majority of the losses have been in the company's theme park business, which is normally the crown jewel in the Disney portfolio.

Disney is far from being the first company to struggle during the pandemic. Other entertainment giants have also struggled, particularly AMC Theatres. With no new films being released and restrictions still in place, movie theaters have largely closed for the time being.

Fortunately for Disney, it has plenty of tools in its toolbox to whether the storm.

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