taylor: taking a look at equity and cross asset markets today, green on the screen for the s&p and the nasdaq. romaine, doing a smart job of reminding us that the nasdaq is out of the 10% correction territory and they are coming back into the 10 year yield priced higher with the yield lower. the 10 year option is setting us up nicely here as well with inflationary concerns still front and center, crude holding in there at $90 per barrel. all of the action in the after hours trading, with key big earners, disney and uber, we are

focusing on disney in the next show, big subscriber profits coming from the parks in the after hours trading and it is the focus of "what you miss -- "what'd you miss?," which starts now. caroline: as taylor mentioned, some disney magic after the u.s. closing bell. the disney plus theme parks fueling earnings revenue topping analyst estimates. the ceo affirmed they will reach 200 and 30 million total subscribers by 2024. triple take on this company, take it away in terms of a number. romaine: we have to go back to the last quarter where they missed on the subscriber numbers. but think about the brands. disney, pixar, star wars, marvel. it all drove that subscriber

growth. let's just round up to well above the street estimates. rounding up to not only what was going on on the disney plus platform and at the movie theater in then you had the parks revenue that more than doubled from a year earlier. $100 in etf's, $26 billion in revenue in the most recent quarter. that's good in here you have the sense of where the investors will be repricing in the morning . we will see if that holds until tomorrow. taylor: with us is someone who could maybe answer that question for us, our media analyst for american markets. as you digested the numbers and went through the press releases, what stands out to you? >> time and time again we have seen this so driven by the streaming members. absolutely, that number is the

headline and it was import for disney to come out with that trend given that people have turned negative on the streaming story and you had them with those weak results last quarter. what makes it even more impressive is that we were expecting only a real major re-acceleration in the second half only, when you had all the major content drops. remember because of covid there were so many production halts and we were expecting this only in the second half with these new star wars series or that live-action pinocchio reboot even. lots to look forward to in the middle of 2022 in then you have a lot of new market expansion. for them to come out and print this number of beforehand shows us that there is a lot of demand and momentum for their platform. and for that share after hours.

i'm interested as to what the drive is going forward. we have deemed it, basically, is it a fortune that is the hold on the streaming platforms? how important were the parks? parks are brilliant -- geetha: parks are a really important part of their operating income and what has been interesting is yes, they were decimated during pandemic but they we bounded strongly. what disney has done so well is they have removed the unnecessary costs and really gone and brought more and more efficiencies to the system and that is being reflected in the profit numbers. we had elation every numbers across the board but these profit numbers were extraordinarily impressive, basically meaning that going forward for the parks we will see a creative margin well above pre-pandemic levels. romaine: this is still a global

company and we know they had challenges during pandemic. how are they doing outside u.s. right now? geetha: really, really strong from a parks perspective. we saw some blowout numbers. on the international side the recovery has been a little bit slower looking at the shanghai and hong kong disneyland parks. slightly slower, but i think again it's pretty much, pretty much set for growth for the rest of the year and into fiscal 2023. taylor: with netflix raising prices always brings concern of churn. how are you thinking about the pricing and profitability of disney between the u.s. and international consumer? geetha: disney, i think, actually has a lot of pricing power with the amount of content

they can potentially bring to the platform. even the fact that they are able to announce so many of these movies day and date, putting one of these pixar movies straight to streaming. it shows you how much value there is for a consumer and at eight dollars per month it is a real steal and they could lifted this $12, $13 without any churn. the u.s. consumer is far more profitable than any consumers in india who bring less than a dollar per month in terms of u.s. consumers but the growth is in the international markets with growth stalling a bit in the u.s. and it is important for them to have u.s. subscribers for profitability and international for the growth story. caroline: what question did you really want to be asked on the call? geetha: if they have any further insight into what they are going to do for the metaverse?

that's the top question for me. caroline: the all-important metaverse, as we see. that new version of the internet taking or what it means in terms of our own participation in it. thank you so much, geetha. up next we get more insight into disney and its competitors and we have course have streaming wars on our hands. jonathan carson, the marketing research company that provides us raw data on how many people are changing, switching, turning off their subscriptions. this is bloomberg. ♪

romaine: today's triple take is focused on disney with a earnings out across the board, those eye-popping numbers had to do with subscribers at the flagship streaming service. i'm going to round up and call that 130. is that ok, taylor? taylor: it's ok if you are a company like disney and it puts us into perspective of a company that we were just talking about, streaming being the baby part of the company a few years ago. this is of course a bigger picture, total the big companies out there and at the top of course is the addition and the bottom the gross cancellations. the net number is in the middle had what stands out to me is that the net is accelerating, adding more than we are canceling. it's not just the 2000 20 story, it happened last year even as some of us were trying to reopen a little bit.

disney, clearly poised with pricing power to do it and it wouldn't affect, maybe, the churn. caroline: let's talk about the growth and how many -- how much tolerance we have for all of our subscriptions. when you look at your data, jonathan, you show how 2021 was dominated by disney plus. the growth that you are seeing, is it sustainable? it seems to have slowed down a little bit. where's the integrity of the data around supporting these levels of subscription? jonathan: you capture the story right up front with the first look at the data. the amazing thing happening in the market right now is just the acceleration of growth in subscriptions screaming in general, going from a place where we had very strong growth across 2019 and 2020, even

bigger growth in 2021. the growth rate accelerated from 23% in a pandemic year that we all thought was peak streaming to 27% last year. in that context, disney, disney's performance has been outstanding. romaine: looking at the data, what do you see in terms of an amalgamation of these things? the list goes on and on with options that a family has an speaking for one household, we are paying for a lot of these things. two people pay for one or the other or are they like me, paying for 1 -- -- do the people pay for one or the other or are they like me and do it all? jonathan: that was the question. everyone wondered if netflix

would be the big winner and everyone else would be niche but then disney plus dramatically grew the category and dominated overall growth in 19 and 20. the fascinating thing that happened in 21 is we saw this acceleration of growth driven by a whole new set of players. peacock, paramount plus, apple tv plus, they all had very big growth years in 2021 that i think ended the question forever as to whether american households could handle multiple subscriptions. taylor: what's most important, though? we were all beating up on netflix a few years ago and we thought that cash is king and you have to have a company that could turn out some sort of cash in then maybe content was king and disney plus was most poised to benefit from that. how are you thinking in these

companies, what's truly most important when you evaluate them? jonathan: consumer choice is driven by a variety of factors. tent poles drive acquisition initially, but a substantial library is important to maintaining the users and this is a big part of the disney story in particular now, after they went through the big growth years of 19 and 20 where they have moved into maintaining that subscriber base. from the last chart you see that there turn levels are better than category averages at the individual surface level. but in addition to that, disney had a fantastic innovation with the disney bundle. the bundling has been talked about as a potential strategy for a number of years and the disney bundle is the one that has really broken through.

they have kind of solved a leaky bucket issue, which is the real challenge of the industry, getting that churning level down to the level of test in class netflix for the disney bundle subscribers who can assess that over 7 million american households that subscribe to the disney bundle. caroline: yes and thank you for correcting me on the facts. things were taken away from the likes of peacock in 2021 but i am interested if, if what is old is new again, i thought we were all cutting the cord and didn't want bundles and now we are going back into bundles. are you expecting m&a to drive that? expecting companies to coexist, to make partnerships, apple getting into bed with disney into the bundling or is that unheard of? jonathan: i think we are seeing

a variety of strategies. these companies are in experimentation mode. they are trying these service bundles, intracompany, like the disney bundle, but also intercompany. several services have had big success bundling with telecom services. sometimes across company lines. other services aggressively use initial price promotion offers to drive growth. we are looking at experimentation and at the end of the day the strategy is going to be a mixture. we will see a degree of bundling but these companies really valuing that direct customer relationship and so they are all going to go after direct consumer subscriptions as well.

romaine: great insights, from jonathan carson. we will get a lot more insight on disney from the man himself, ceo bob che pick. he has been around for about a year. that's coming up in about 40 minutes and you will definitely want to check that out here. before we get to that, we have got a lot more to talk about with regards to the power utility base of clean energy here, big meeting with the president of the united states and power ceos. dennis arriola will be here to tell us what they talked about. this is bloomberg. ♪

romaine: we know that the president has an ambitious agenda when it comes to climate

change and he had a meeting today with some of the nation's large electric utilities as he pushes for approval on spending and those initiatives and a big discussion down there and one of the people involved is dennis arriola:, ceo of a big power producer here in the united states. dennis, we talked a lot about the presidential initiatives and the idea of reimagining the power grid. doing things that were not just better for the environment better distribution overall and in order to do that there is money that needs to be spent or come from somewhere at least. what was the discussion today with regards to where that money is going to come from? first of all -- dennis: first of all, i appreciate you having me. it was nice to hear the commitment and passion the president has for clean energy and more smart clean energy infrastructure here in the

united states. as far as the money, he's obviously talking about the tax benefit program he has put forward. there is a $550 million plan for general clean energy and $325 million that would be allocated to tax benefits to basically accelerate investment here in the united states of clean generation and to basically give certainty so that those investments could be made. taylor: we are learning our lessons a bit from europe about pivoting to being gleaned -- green and cleaner but doing it in a reliable way. in california we make jokes all the time about unplugging the refrigerator in the summer because it is so unreliable. how do you make the shift but in a reliable way where we can actually make the shift. dennis: it's a great question and there are thoughtful approaches to getting there. one of the things included in the tax package is investment

credits for storage. as we continue to improve the reliability of the grid and we continue to increase the amount of renewable energy, onshore wind, solar, or offshore wind, it's going to be important to also store that energy efficiently and reliably and cost-effectively so that we can get access to it and have a reliable system. caroline: tax credits extended for the decade, how much of a longer timeframe do you need to be able to commit the capital you need to. dennis: these are long-term investments for the most part where you put in place the offshore wind facility with investments that will be around 20, 30, 40 years. the longer the incentives are in place that gives uncertainty and

clarity, with benefits to the customers and investors, the better. what the president has proposed in his tax package makes sense. everybody around the table they today was supportive of it. romaine: now i guess it comes to dealing with the politics of this nation to see if he gets it through. i am curious about the nature of our electrical and power grids, i should say, across the country. it's a little bit disjointed. we have some cohesion in certain regions of the united states but not across it, certainly. was there any talk about making that more cohesive? dennis: there wasn't a specific conversation on that but there was acknowledgment around needing to continue to invest in, strengthen and modernize the grid if we are looking to add renewable sources as we look to add battery storage, electric chargers.

we have an old grid that needs to be strengthened and modernized. romaine: i'm curious, introduction of these alternative energy sources, does it create the disjointed this in the short term? dennis: i think what it does is create the discussion and sense of urgency on why we need to go forward and there is no doubt that if you stay status quo we are not ready for new energy and the amounts we have been talking about. a lot of planning is going on at the individual and utility and state level and i think with leadership and coordination from federal agencies here, we can all be better prepared. taylor: we have about one minute left. a lot of people said that electric utilities will be the new cyber warfare. the new ways that terrorists attacked this country. how are you thinking about the security of the grid? dennis: interesting that you

asked me that. right after we met with the present we met with several officials including the secretary of energy and national security office to talk about what is going on from the cybersecurity perspective and there is no doubt that there is increased coordination, communication and collaboration, but also a sense of paranoia. we cannot be patient with what could be happening. we have got to be proactive and there has to be a dynamic sense of integration between the agencies and it isn't easy. we have found that there are a lot of bad actors out there in the electric system is a potential victim of that and we have got to continue to invest and coordinate well. caroline: dennis arriola:, thank you for your time. as we talk about utilities, for me, disney plus has become a utility in my family and we are seeing significant moves after hours from uber and lyft.

romaine: that revenue continues to go up, but the volume, not necessarily. taylor: the profitability of those parks, did geetha say it could be double what it was from pandemic? incredible. caroline: "what'd you miss?," that's this is bloomberg. ♪ it. this is bloomberg. ♪ -- that's it. this is bloomberg. ♪

emily: i'm emily chang in san francisco and this is "encanto -- this is "bloomberg technology ." disney park shares, we break down those results in a conversation with