Disney+ Loses 700,000 Subscribers
Today, the Walt Disney Company released its latest quarterly results for the fiscal first quarter of 2025, which means we get an updated look at the number of 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 December 28th, 2024.
Back in November, Disney made a new agreement with Reliance Industries Ltd, to merge its Indian businesses together, that would bring Disney’s Star-branded and other general entertainment and sports television channels and direct-to-consumer Disney+ Hotstar service in India (Star India) with Reliance, which includes the popular streaming service JioCinema.
Disney has a 37% stake in the new Star India business, which has resulted in this quarter’s financial numbers being drastically different from previous quarters, especially with regard to Disney+ subscriber numbers since Disney+ Hotstar subscribers in India are no longer included in their quarterly updates.
As part of the shift, the new subscriber numbers now include Disney+ subscribers in other Southeast Asia countries that were previously included in the Disney+ Hotstar numbers.
So, while the numbers show a drastic reduction of tens of millions of subscribers from Disney+ globally, those numbers are no longer included in Disney’s financial results since Disney+ Hotstar is part of a different company.
However, the general Disney+ subscriber numbers have fallen by about 700,000, mainly due to a reduction internationally. In the United States, subscriber numbers have increased. Hulu has also seen a boost in over a million subscribers.
More importantly, Disney+ continues to become profitable, which is the main aim for Disney with its streaming service right now, leaving the platform in a stronger position.
Disney CEO Bob Iger said in a statement:
“Our results this quarter demonstrate Disney’s creative and financial strength as we advanced the strategic initiatives set in motion over the past two years. In fiscal Q1 we saw outstanding box office performance from our studios, which had the top three movies of 2024; we further improved the profitability of our Entertainment DTC streaming businesses; we took an important step to advance ESPN’s digital strategy by adding an ESPN tile on Disney+; and our Experiences segment demonstrated its enduring appeal as we continue investing strategically across the globe. Overall, this quarter proved to be a strong start to the fiscal year, and we remain confident in our strategy for continued growth.”
Disney has also provided a detailed breakdown per region: (Million)
- Disney+ – Domestic (US & Canada) – 56.8
- Disney+ – International (excluding Disney+ Hotstar+) – 67.8
- Disney+ Global – (excluding Hotstar) – 124.6
- Hulu – Million Subscribers (US Only) – 49.0
To compare, here are the subscription numbers (Millions) from November’s Investor Call:
- Disney+ – Global – 158.6
- Disney+ – Domestic (US & Canada) – 56.0
- Disney+ – International excluding Disney+ Hotstar+ – 66.7
- Disney+ Core – (excluding Hotstar) – 125.3
- Disney+ Hotstar – 35.9
- Hulu – Million Subscribers (US Only) – 47.4
Roger’s Take: This quarter’s subscriber number update is a bit bumpy due to the loss of the reporting of Disney+ Hotstar, which makes it look like Disney+ has lost over 30 million subscribers on paper, even though they are still subscribed. In the long run, subscriber numbers will be much easier to compare.
The overall reduction in Disney+ subscribers internationally could be down to many reasons, but no doubt the latest price rise will have resulting in some people leaving the service.
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