Spurred by record ticket sales for recent films and higher attendance at its theme parks, Walt Disney Co. posted revenue growth of 9 percent in its most recent quarter.
The growth was driven by the success of blockbuster films like “Black Panther,” which has garnered more than $1 billion in ticket sales, as has the current quarter’s “Avengers: Infinity War.” Revenue from Disney parks and resorts grew 13 percent in the three months through March.
Nine of the 10 films with the biggest domestic box office opening weekends are now from Disney, chief executive officer Bob Iger told investors, and the popularity of its movie and TV characters has boosted year-over-year attendance at the company’s theme parks.
“We are building out all of our parks,” he said on the earnings call. “We believe that the use of our intellectual property, which is part of a lot of this expansion, creates growth. The more popular our intellectual property is, the more in demand it is at our parks.”
Iger declined to comment on the company’s pending acquisition of most of 21st Century Fox’s assets.
Disney’s total revenue climbed 9 percent to $14.5 billion in the past three months, while net income rose 23 percent to $2.94 billion, or $1.95 a share.
