The Walt Disney Company has disclosed its revenues for the second quarter of 2024. The media company's revenue increased to USD 22.1 billion from USD 21.8 billion in the same quarter last year. 

The company is anticipating a softer third quarter in 2024. According to CEO, Bob Iger, this is down to the seasonality of its India sports offerings.

He said, “While we are anticipating a softer third quarter, due in large part to the seasonality of our India sports offerings, we fully expect streaming to be a growth driver for the company in the future and we have prioritised the steps necessary to achieve this.” 

Sports revenue in India during Q2 2024 dipped by 17% to reach USD 105 million from 127 million in Q2 2023. Overall, the media conglomerate's sports offerings grew by 3% to reach USD 4,207 million from USD 4,099 million last year.

According to a statement, "The decrease in operating loss at Star India was due to lower programming and production costs attributable to the non-renewal of Board of Control for Cricket in India rights, partially offset by an increase in costs for Indian Premier League matches due to more matches aired in the current quarter compared to the prior-year quarter."

In the current quarter, the company recorded restructuring and impairment charges of USD 2,052 million. The company disclosed that this was due to goodwill impairments related to Star India and entertainment linear networks. The impairment at Star India was a result of the company entering into a binding agreement in the current quarter to contribute to Star India's operations into a new joint venture (with Viacom18). In the prior-year quarter, the company recorded charges of USD 152 million primarily for severance.

The Walt Disney Company reported its second-quarter earnings of 2024 on 7 May. Overall, Iger noted that the strong performance in Q2 demonstrates that The Walt Disney Company is delivering on strategic priorities while building for the future.

He added, “When you consider all of our businesses as a whole from entertainment to sports to experiences, it’s clear that no one has what Disney has. The turnaround and growth initiatives we set in motion last year have continued to yield positive results, and we are executing against our ambitious strategic priorities with both speed and determination. It was another impressive quarter driven in large part by our experiences segment and our streaming business."