Disney's parks are no longer generating as much excitement as its media assets.

• For the first time ever, Disney's streaming businesses generated a quarterly profit.
• In 2024, Disney will become the first studio to reach $3 billion thanks to the success of "Inside Out 2" and "Deadpool & Wolverine."
• The parks unit was disappointed by a "moderation" in consumer demand.

The company's media business no longer has a negative impact on its overall performance.

Since 2022, the primary Disney investor narrative has been that streaming losses, declining traditional pay TV business, and box office failures have been driving surging sales and profits at the company's theme parks and resorts. Despite this, Disney's shares have fallen about 24% in the past two years, while the S&P 500 has gained 28% in the same period.

Disney's streaming businesses have shown a positive shift, with the combined platforms turning a quarterly profit for the first time ever, making $47 million, an improvement from losing $512 million in the same quarter a year ago.

Disney's theatrical unit is experiencing a major surge in success with "Inside Out 2" becoming the highest-grossing animated film of all time and "Deadpool & Wolverine" generating $824 million after two weeks of global release. Disney has become the first studio in 2024 to surpass $3 billion in worldwide ticket sales.

Disney's theme parks division experienced a "moderation of consumer demand towards the end of [fiscal] Q3 that exceeded our previous expectations," resulting in a 3% decline in shares during early trading.

During Disney's earnings conference call, CEO Bob Iger stated that he anticipates the media business's momentum to continue growing. This news is positive for Wall Street, which seeks both growth and profitability.

"Iger stated that he is optimistic about the future of the business, particularly in streaming, and predicts that it will experience steady growth in fiscal 2025."

Iger mentioned that the company will begin cracking down on password sharing in September as a way to attract new subscribers and increase revenue. This strategy has been successful for the world's largest streamer in generating new customers over the past year.

Disney is increasing the prices of its streaming services, including Disney+, Hulu, and ESPN+, by $1 to $2 per month in mid-October.

Disney has a strong position for the rest of 2024 and beyond, as evidenced by Iger's list of unreleased movie titles.

"Iger stated that he would read to us the upcoming movies that will be released in the next two years. These include "Moana," "Mufasa," "Captain America," "Snow White," "Thunderbolts," "Fantastic Four," "Zootopia," "Avatar," "Avengers," "Mandalorian," and "Toy Story." Not only do these films have great potential at the box office, but they also have the ability to drive global streaming value, making it a good reason to be optimistic about the future."

Disney is not reducing its focus on its theme parks. The company announced last year that it plans to invest $60 billion in its theme parks and cruise lines over the next decade. However, it is important for the company to reassure investors that its media units are not negatively impacting its share price.

Disney shares fell on Wednesday due to investor focus on the theme parks. However, shares are expected to rise during the next quarterly earnings report as investors are enthusiastic about the media units.

CNBC's interview with Disney CFO Hugh Johnson is now available in full after the company released its earnings results.