What The Latest Media Earnings Blitz Reveals About Hollywood’s Future

Disney CEO Josh D'Amaro attends the 98th Oscars Nominees Luncheon at the Beverly Hilton hotel in Beverly Hills on February 10, 2026.

AFP via Getty Images

If there was a common message to be found in the flood of entertainment media company earnings reports over the last several days, one could argue it’s that Hollywood appears to finally be done chasing streaming growth at all costs.

With a particular emphasis on that last part, “at all costs.”

From Disney and Paramount posting stronger streaming margins to AMC Entertainment benefiting from premium moviegoing and Liberty Media continuing to cash in on Formula 1, the industry’s emerging blueprint is clearer than ever. Basically, it’s about these companies weaving themselves into their audiences’ regular entertainment habits, with the understanding that attention is always great. But habitual attention is even better.

Disney’s new priority: Streaming that actually makes money

Take Disney. The company’s streaming business has finally crossed into sustainably profitable territory, with Disney+ and Hulu delivering a sharp jump in operating income even as the company continues pouring money into capital-intensive things like technology, sports rights, and theme parks.

Disney last week reported quarterly revenue of $25.17 billion, while streaming operating income for Disney+ and Hulu surged 88% year-over-year to $582 million on $5.49 billion in streaming revenue.

The bigger priority for Disney now seems to be extracting more value from customers through price hikes, advertising, experiences, and eventually an interconnected “super app” ecosystem that newly appointed CEO Josh D’Amaro has hinted could be coming in the future. Disney, he promised analysts during the company’s most recent earnings presentation, will “embrace technology more aggressively and build a more connected consumer experience, with Disney+ right at the center.”

Paramount and WBD are betting consolidation can rival Netflix

Then there’s Paramount and its growing streaming business. Paramount Skydance reported quarterly revenue of $7.35 billion, while Paramount+ added 700,000 subscribers to reach nearly 80 million worldwide. Its direct-to-consumer unit also hit a $251 million profit.

The rival it’s in the process of acquiring, Warner Bros. Discovery, also this past week reported $8.89 billion in quarterly revenue — though the company posted a sizable net loss tied largely to one-time merger-related costs and a Netflix breakup fee connected to the pending Paramount merger. That said, WBD’s streaming business is moving in the right direction, with streaming revenue up 9% and global subscribers surpassing 140 million.

“We have strong and accelerating momentum and expect to finish the year with more than 150 million subscribers globally,” WBD CEO David Zaslav said during the company’s earnings call Thursday. “And, more importantly, we’re seeing healthy acceleration in subscriber-related revenue growth, which we expect will pick up real pace in Q2 and through the rest of the year.”

Taken together, the two companies increasingly look like they’re making versions of the same bet: That at this point in the streaming era, the name of the game is about more than trying to out-Netflix Netflix.

AMC is betting movie theaters can become an experience business

AMC Entertainment’s earnings, meanwhile, suggest that the way forward for movie theaters calls for doubling-down on the kinds of experiences that still feel worth leaving the house for.

Personally, I’ve noticed that shift in my own moviegoing habits. After my local theater chain (not AMC) recently upgraded to wider reclining seats, better food, and a generally more polished experience overall, going to the movies has been an activity I’ve found myself doing on a more regular basis. And AMC appears to be benefiting from that same dynamic.

The company just posted its strongest first quarter since before the pandemic, with revenue up 21% to more than $1 billion as attendance rose nearly 14%. AMC is also generating record revenue on a per patron basis from tickets and concessions, a sign that today’s moviegoers are still willing to spend as long as the experience — which includes everything from IMAX screens to Dolby cinema, better food, and upgraded seats — feels premium.

Having great movies to watch also doesn’t hurt. "We could not be more optimistic about the entire 2026 film slate, especially in the second half of 2026, which we believe will see more continued robust growth adding up to a record post-pandemic box office for full year 2026,” AMC CEO Adam Aron told investors during his company’s earnings call.

Liberty Media shows where the entertainment business is headed

Finally, if there was one company this week that crystallized the broader shift happening across entertainment media, it’s arguably Formula 1 owner Liberty Media.

Formula 1 revenue surged 53% during the quarter, while operating income more than doubled. The prestigious international auto racing series increasingly operates as part live event business, part streaming property, and part luxury brand, because the business thinking behind it isn’t just about getting people to watch races.

It’s also about monetizing audience passion from every possible angle — from media rights to sponsorships, merchandise, social engagement, and live experiences.

In many respects, Formula 1 now resembles the kind of all-encompassing entertainment machine Hollywood companies are trying to build around their own franchises, businesses, and intellectual property. Which may ultimately be the biggest takeaway of all from this week’s barrage of entertainment media quarterly earnings.