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A "one off" is how Disney's new CEO Bob Chapek has described the decision to release its blockbuster
Mulan
directly on its streaming platform, skipping the big screen.
Cinemas, which have been hit hard by the pandemic, criticized the move and now fear a permanent shift in the way Hollywood studios will distribute movies.
While so many sectors have been plunged into economic crisis, Disney and others that can switch to a "digital first" approach are thriving. In the first quarter, Nintendo has reported profits more than six times higher than last year, and the 'Big Six' tech firms – Alphabet, Amazon, Apple, Facebook, Microsoft and Netflix – have significantly increased their market value during the pandemic. See how they have fared in our graph, below.
Meanwhile, airlines continue to bear the full brunt of the pandemic, with Lufthansa reporting its largest ever quarterly loss today. Car manufacturer Toyota has also suffered, posting a 74 percent drop in profits.
There was more sobering news elsewhere, as the Bank of England predicted Britain's economy won't recover to its pre-pandemic level before the end of 2021.
Now to something more positive... TikTok. As the social media app's soaring success makes regular headlines and competitor Facebook launches a rival, we dig a bit deeper into the phenomenon and in today's interview ask TikTok creator **James Lewis **what's so great about it.
Finally, would you cancel your holiday plans if you had to wear a mask at all times? Many Europeans would – find out how many in our video graphic below.
Enjoy reading,
Giulia Carbonaro
Digital business correspondent
**P.S. Did you know we send this briefing by email, too? **
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The **Bank of England ** (BoE)says the UK's economy will not recover to pre-pandemic levels until the end of 2021 , later than initially expected by central bankers. Overall, the economic downturn caused by the pandemic was better than in the BoE's early scenario, 9.5 percent against the predicted 14 percent slump – but still the worst performance in almost a century.
German factory orders rose by 27.9 percent in June compared with the previous month, giving economists hope that Europe's largest economy is on track to recover from the pandemic.
The combined market value of the 'Big Six' global tech companies - Alphabet, Amazon, Apple, Facebook, Microsoft and Netflix - has risen by $1.9 trillion during the coronavirus pandemic,
a new report reveals.
The Institute for Public Policy Research (IPPR) think tank behind the report says society needs to rethink how digital data is collected, owned, and used to prevent a small number of companies from "dominating people's lives for decades to come."
Disney has announced it will release its blockbuster
Mulan
on its streaming platform Disney+ , ditching a big-screen showing. The movie's release, which was initially scheduled for March 2020, was postponed four times. The news has hit cinema chains, which were counting on Disney's big-budget movie to get people back into theaters.
**Facebook **has launched Instagram Reels , a new feature that presents itself as a direct rival to TikTok , allowing users to create 15-second videos synced with audio or music clips. With TikTok under threat of a ban in the U.S., it would seem like Facebook sensed the perfect opportunity to compete with the popular Chinese app.
Wirecard business partner Christopher Bauer was found **dead in Manila **last week, a month after Philippines authorities announced he was under investigation in relation to the payment company's collapse. Bauer owned Manila-based payment processor PayEasy Solutions, which accounted for more than a fifth of Wirecard's operating profits.
Switzerland-based miner and commodities trader****Glencore says it will not pay $2.6 billion in dividends after the company reported a drop in half-year profits. According to its CEO, Glencore is focusing on reducing its debt.
Japanesecar manufacturer** Toyota****has reported a drop of 74 percent in profits** in the last quarter, as vehicle sales plunged due to the COVID-19 crisis.
Lufthansa reported a net loss of $1.77 billion for the second quarter, its largest ever quarterly loss . The German airline announced it doesn't expect air travel to return to pre-pandemic levels before 2024.
Nintendo reported a profit of $1 billion in the first quarter , more than six times what the company made last year. Analysts are attributing the upsurge to the release of the extremely popular game
Animal Crossing: New Horizons
and more people playing games indoors during lockdowns across the world.
WATCH: A survey asked European travelers from Germany, Sweden, Denmark, the UK and France how different COVID-19 travel restrictions would affect their holidays plans. See their answer in our video:
01:05
With TikTok seemingly making headlines every day, our reporter Andrew Wilson interviewed James Lewis, an artist who uses the app, to find out what draws people to the platform.
So, first of all, how is TikTok different from other social media?
TikTok is a lot more fun and engaging than other media. It's more fast paced and I think for me it brings a lot more inspiration in a shorter amount of time.
TikTok brings a lot of fun into my life and I really enjoy creating content for it and enjoy other people's. Before this, I think Instagram and other platforms weren't as fun.
Do you ever worry that TikTok could be harmful?
Like most things, when you have too much of something it can definitely be harmful. You're watching a lot of people doing amazing things, and it's easy to feel that that's not you. But I think, in moderation, it's a lot of fun.
