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CEO Bob Chapek’s first year at the helm was challenging on several fronts. The COVID-19 pandemic forced many of Disney’s global theme parks to shut down or operate at reduced capacity for much of the year, and the pandemic also had a negative impact on the company’s merchandise licensing business. Theatrical releases were suspended, and advertising across Disney’s TV network division was down. The result? Revenue at the entertainment powerhouse dipped 6% in fiscal 2020, to $65.4 billion. Even worse: The company racked up $2.86 billion in net losses for the year. But Disney+, its direct-to-consumer content offering, presented a silver lining: In its first year alone, the streaming service amassed more than 73 million subscribers, blowing past all projections. (As of March 2021, Disney+ had more than 100 million subscribers.)
Marc Piasecki—Getty Images
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