Disney resorts to streaming amid losses during the pandemic

Disney plans to release Mulan on its streaming site this year after reporting enormous losses due to the pandemic as its theme parks closed.

The media giant lost $4.7bn (£3.6bn) by 27 June, as the virus forced it to close theme parks and delay film releases and production: overall revenue fell 42% compared with last year to $11.8bn.

However, Disney is showing no signs of backing down by launching a new streaming service outside the US next year as it tries to build on its early streaming success.

The new service will operate under the Star brand and stream a wider variety of content than Disney Plus which has 60.5 million subscribers.

Chief executive Bob Chapek said Disney now plans to release its new live-action remake of Mulan on Disney Plus in a $30 “premier access” deal by September.

Mulan had been scheduled for release in March, but that has been postponed several times due to cinemas remaining closed during the pandemic.