The Walt Disney Company’s (DIS) winning run at the box office continues, with its Moana 2 sequel moving past $1 billion in global ticket sales.
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Moana 2 became Disney’s third 2024 release to surpass $1 billion at the box office, joining Inside Out 2 and Deadpool & Wolverine in the elite club and capping a record year for the studio.
And it becomes only the fourth film from the Walt Disney Animation business to surpass $1 billion in ticket sales alongside Frozen, Frozen II, and Zootopia.
Moana 2 has chalked up around $443 million at the U.S. domestic box office and $567 million in international markets, the company said following the Martin Luther King Jr. holiday weekend.
DIS Box Office Hits Boost Earnings
DIS emerged the clear victor at the box office last year. Its sales rose 17% to top $2.2 billion in the U.S. alone, helping the industry turn its fortunes around after a sluggish start to the year. Total U.S. theater sales fell more than 3% to around $8.7 billion, though this was much better than feared at halfway through the year and in large part driven by Disney’s blockbusters. According to data from Comscore and Deadline, by the first weekend in May last year sales were down 20% on 2023 levels.
Inside Out 2 became the highest grossing animated movie of all time, marking a significant milestone for Disney’s Pixar studio after years of challenges stemming from the COVID-19 pandemic and a decline in theater sales. Prior to its release no Disney or Pixar film had surpassed $480m in global box office sales since 2019.
The success of the films at the box office is paying off. Fiscal third quarter earnings were strong, with revenues for the entertainment segment, which includes films, TV networks and streaming, rising 14% year-over-year to $10.83 billion
Is Disney Stock a Good Stock to Buy Today?
Analysts are optimistic about DIS stock, with a Strong Buy consensus rating based on 17 Buys and five Holds. Over the past year, DIS has increased by more than 15%, and the average DIS price target of $126.84 implies an upside potential of more than 16% from current levels.
