Disney Fiscal Q3 Commentary: Investors Blind to Delta Variant Threat

However, Disney+ isn’t profitable yet, and in order to compete in the streaming wars, you must spend billions of dollars on fresh content to keep audiences happy. At Disney, the theme parks business is what funds these endeavors.

Chapek said on the call that a parks recovery was underway, adding that Disney parks are seeing strong demand and he remains bullish on the parks business going forward. But he also alluded to the uncertainty that hangs over the second half of the year. “We did not anticipate, nor did I think anybody— the resurgence of COVID with the Delta variant that would have such a significant impact on the marketplace,” Chapek conceded.

Much of that hesitancy can be attributed to the rise in COVID cases over the past several weeks. Many are growing worried that the sudden influx of cases could result in another economic shutdown, which would prove detrimental to countless businesses, including Disney. The rise of the Delta variant could also pose trouble for Disney on the movie side. Two of the company's upcoming films, “Free Guy” and “Shang-Chi,” will bein theaters for a 45-day window instead of a simultaneous release on Disney+ and in theaters, like its previous film “Black Widow.”

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