Business

Disney Streaming Services Report Profit and Subscriber Growth

May 7, 2024 1 min read

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In its second quarter financial report, The Walt Disney Co. faced a loss due to restructuring and impairment charges, yet the adjusted profits surpassed market expectations. Disney's streaming platforms, Disney+ and Hulu, achieved profitability, with Disney+Hotstar contributing to this positive outcome. Disney+ core subscribers experienced a growth of over 6% during the quarter. The company also saw an increase in revenue from its theme parks, with domestic parks revenue up by 7% and international parks by 29%.

Despite the quarterly loss, Disney remains optimistic about its streaming business, projecting profitability for its combined streaming services, including ESPN+, in the fourth quarter of fiscal 2024. The company is also aiming for increased profitability in fiscal 2025. This financial update comes after Disney shareholders recently rejected activist investor Nelson Peltz's bid to secure a seat on the company board.

Additionally, the company reported a 13% increase in direct-to-consumer revenue to $5.64 billion in the second quarter, influenced by higher retail pricing and subscriber growth at Disney+ Core. The Experiences and Sports segments showed substantial growth, while the Entertainment segment saw a decrease. Disney's overall revenue for the quarter was $22.08 billion, up from $21.82 billion in the same period the previous year.

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