Disney+ Adds 6 Million Subscribers & Streaming Almost Becomes Profitable
Today, the Walt Disney Company has released its latest quarterly results for the fiscal second quarter of 2024, and that means we get an updated look at how many subscribers Disney+, Hulu, and ESPN+ have.
This gives us a clear indication of how the apps are doing, especially with growth or decline in subscriber numbers. These subscriber numbers are based on how many there were on March 30th, 2023.
Disney+ now has over 153.6 million subscribers globally, which is up from 149.6 million subscribers last quarter. In the US and Canada, Disney+ was able to add over six million subscribers following a recent deal with Charter cable. However, Disney+ subscribers in other areas, including Latin America, Europe and Asia, have gone down, likely due to the recent price rises. Disney+ Hotstar subscribers in India also continue to drop.
Disney made the entertainment side of its direct-to-consumer business profitable in the second quarter, a significant milestone for Disney+ and Hulu, which Disney has been targeting to hit by the end of 2024. The division made over $47 million dollars in the quarter, which is the first time it hasn’t made a loss.
This has been done by dramatically reducing the number of original programs they create, reducing staff, increasing prices and making deals with companies like Charter, which include Disney+ with ads in Spectrum cable bundles.
Another important note with Disney+ is that it’s been able to increase the amount of money it makes from each subscriber following the recent price rise.
Hulu subscribers increased by half a million from the prior quarter, which might have been from the boost in the launch of Hulu On Disney+. However, Hulu + Live TV lost another 100,000 subscribers in this quarter.
Disney is advising that subscriber growth in the next quarter will be softer. However, the entire streaming division is expected to reach profitability during this quarter, as it just needs to do a little more to make ESPN+ profitable, but also possibly due to a change in how Star India is involved.
Disney CEO Bob Iger said in a statement:
“Our strong performance in Q2, with adjusted EPS(1) up 30% compared to the prior year, demonstrates we are delivering on our strategic priorities and building for the future.
Our results were driven in large part by our Experiences segment as well as our streaming business. Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.
Looking at our company as a whole, it’s clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results. We have a number of highly anticipated theatrical releases arriving over the next few months; our television shows are resonating with audiences and critics alike; ESPN continues to break ratings records as we further its evolution into the preeminent digital sports platform; and we are turbocharging growth in our Experiences business with a number of near- and long-term strategic investments.”
Disney has also provided a detailed breakdown per region: (Million)
- Disney+ – Global – 153.6
- Disney+ – Domestic (US & Canada) – 54.0
- Disney+ – International excluding Disney+ Hotstar+ – 63.6
- Disney+ Core – (excluding Hotstar) – 117.6
- Disney+ Hotstar –36.0
- Hulu – Million Subscribers (US Only) –50.2
To compare, here are the subscription numbers (Millions) from November’s Investor Call:
- Disney+ – Global – 149.6
- Disney+ – Domestic (US & Canada) – 46.1
- Disney+ – International excluding Disney+ Hotstar+ – 65.2
- Disney+ Core – (excluding Hotstar) – 111.3
- Disney+ Hotstar –38.3
- Hulu – Million Subscribers (US Only) – 49.7
What do you think of these subscriber numbers? Let us know on social media!
Roger Palmer
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