Disney Interactive Media Group this week posted a large loss for its third-quarter financial results. According to Gamasutra, revenue dropped by $29 million year over year.
During a conference call, Disney Interactive CEO Robert Iger said the loss is due to “adverse economic conditions.”
According to analysts, the video game industry as a whole has remained strong throughout the current economic crisis.
Iger did not go into further detail on the losses, but is positive about the future, Iger said he remains worried about the current economy. “We do see signs of economic stabilization, but the pace and strength of recovery remain uncertain and we are managing accordingly.”
The quarter Disney is reporting ended in June.
Arguably Disney Interactive’s most successful games, the Kingdom Hearts series (a collaboration with Square-Enix) has its next game on the horizon. Kingdom Hearts: 358/2 was announced at the 2007 Tokyo Game Show, and was released in Japan on May 30, 2009 for the Nintendo DS, and will be released in North America on September 29, 2009 and in Europe in October 2009.
Disney Interactive also maintains the disney.com website, as well as provides support to Disney subsidiary websites, such as ESPN.com It is traded under the general The Walt Disney Company stock (NYSE: DIS).
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