Hi! We've resisted the urge to talk about inflation again, instead we're getting stuck into data on Disney's business, Chinese students in the US and Domino's (growing) slice of the pizza market:
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Disney is officially beating Netflix at their own game, as the media giant revealed on Wednesday that they’ve pushed past 221 million subscribers across their three streaming services — Disney+, Hulu, and ESPN — just nudging past Netflix's total.
Even with some of those subscribers paying less or being on bundled packages, that's an impressive stat that's grabbed headlines and contributed to Disney's share price jumping 10% in the last week.
A multi-trick pony
Disney's streaming prowess will really irk Netflix and other competitors because streaming remains only a tiny fraction of The Mouse's empire. Disney's "Direct-to-Consumer" business, which is where it counts its streaming revenues, brought in a little over $5bn in the latest quarter. Disney Parks — even just the US parks — brought in more than that, and that's a sector still recovering from the pandemic.
Even good old fashioned TV is big business. Disney's "Linear Networks", which include ABC, ESPN, National Geographic and the flagship Disney Channel, brought in more than $7bn in the last quarter.
Now that Disney's caught up in streaming, it's becoming increasingly apparent that their sprawling model is maybe the most desirable, even in 2022. Famous Disney characters are sold as toys and action figures, they're licensed into video games, put on t-shirts, stickers and books — and of course you can go and meet some of them in a Disney theme park. All of that means Disney is cashing in on its beloved IP in 4, 5 or 6 different ways — a machine that's very hard to replicate.
In 2015, almost 275,000 visas were granted to Chinese students to come and study in the US. Since then, however, the numbers have dropped precipitously, with new data out this week showing that just 31,055 F-1 visas were granted to Chinese students in the first half of this year. That's less than 50% of the number granted in 2019 for the same time period.
Skipping class
Chinese students ditching American higher education is a concern for schools that have come to rely on the income from international students who usually pay substantially higher out-of-state tuition fees.
How much of the drop is down to rising tensions between the countries, visa rule changes or lasting impacts of the pandemic is unclear, but there has been a definitive shift in attitudes amongst prospective students. A survey in 2015 found that 51% of Chinese students cited the US as their top destination for study — a similar survey from last year found just 30% said the same.
A bigger slice
Domino’s shut its last Italian outpost this week, as the home of pizza decidedly rejected the Domino's version of the country's beloved food.
That was a blow for the company, but even a legion of disappointed Italian nonnas won't worry the Domino's CEO too much. In 2021 there were 34 stores in Italy, a tiny fraction of the 18,848 that the company reported worldwide — a milestone that quietly took them ahead of long-time leaders Pizza Hut last year.
Domino’s don’t dip
Domino’s has seriously delivered when it comes to adding more stores. Its roll-out has risen considerably each year, with more than 1,000 stores added in 5 out of the last 6 years — equivalent to 2 or 3 stores opening every single day. Pizza Hut, on the other hand, has increased its count by just 6,000 since 1997, with 500 store closures at eat-in locations in the last few years.
It's not just affordable pies that have helped Domino's get to number one either — they've been notoriously quick to innovate. From being the first in the industry to offer mobile ordering options all the way back in 2007, to actively embracing and then shifting the perception that the chain served up sub-par slices; Domino’s has worked hard to stay at the top of the pizza game.
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