Prior to today’s Walt Disney Company quarterly earnings call, it was revealed that Disney+ lost a large number of subscribers in the last three months of 2022.
What’s Happening:
- Disney+ lost 2.4 million subscribers in the last three months of 2022, marking the first time the streaming service has lost subscribers.
- The loss of Disney+ subscribers all came from Disney+ Hotstar, which was expected by the company, as they made the decision not to pay a much higher rights fee for the top cricket league.
- Disney+ subscribers in the US and Canada saw minor growth.
- Additionally, Disney will no longer be providing quarterly subscriber numbers and will instead be focusing on profitability.
- Here’s what Disney CEO Bob Iger had to say regarding reshaping the Walt Disney Company:
- "After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises. We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges and deliver value for our shareholders."
- Follow along with our Live Blog of The Walt Disney Company’s first quarter fiscal year 2023 earnings call with investors.
Sign up for Disney+ or the Disney Streaming Bundle (Disney+, ESPN+, and ad-supported Hulu) now