The pandemic may have continued to wreak havoc on production and park operations for The Walt Disney Company, but its direct-to-consumer business grew by 55% this year to hit US$10.5 billion. By comparison, Disney’s overall revenue for fiscal 2021 was up by just 3% to US$67.4 billion.

In the two years since it launched, Disney+ has amassed 118 million subscriptions, and new subscribers increased by 60% year-over-year in 2021. This growth does appear to be slowing, however. The SVOD added just 2.1 million members in Q4, down from 12.6 million in the previous quarter.

Revenue for Disney Media and Entertainment Distribution increased by 5% to US$50.8 billion for the full year, driven primarily by the DTC’s 55% bump and a much more modest 2% growth in the Linear Networks segment to US$28 billion. Content Sales/Licensing declined by 33% to US$7.3 billion as a result of ongoing theater closures. And revenue for Disney Parks, Experiences and Products also fell by 3% to US$16.5 billion as a result of pandemic-related closures and reduced capacities at Disney’s reopened theme parks, resorts, cruise ships and guided tours. Things turned around in Q4, however, with quarterly revenue up by 99% to US$5.4 billion.

The House of Mouse is ending its fiscal year on a high note after overall revenue drops in Q1 (down 22%) and Q2 (down 13%). The recovery started in Q3 (up 45%) and continued in Q4 (up 26% to US$18.5 billion).