Despite this, Disney still saw its revenue for the quarter increase six per cent to a record $55.8bn.
The Walt Disney Company has seen revenue increase six per cent to a record $55.8bn in its Q4 2016 results. Elsewhere, net income for the year increased 12 per cent to a record $9.4 billion.
Despite the record results, Disney's consumer products and interactive media revenues for Q4 2016 are down 17 per cent to $1.3 billion.
The decrease in revenue was primarily due to the discontinuation of its Infinity console game business and a decrease in revenue from Frozen merchandise. This was partially offset by higher revenue from Finding Dory/Nemo merchandise.
“We’re very pleased with our performance for the year, delivering the highest revenue, net income and earnings per share in Disney’s history,” said Robert A. Iger, chairman and chief executive officer, The Walt Disney Company.
“Fiscal 2016 was our sixth consecutive year of record results, highlighted by the opening of Shanghai Disney Resort, the phenomenally successful return of Star Wars,and our Studio’s record-breaking $7.5 billion in total box office. We remain confident that Disney will continue to deliverstrong growth over the long-term as we further strengthen our brands and franchises, our technological capabilities, and our international presence.”