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Disney+ adds 7.9 mn subscribers in Jan-Mar period as Netflix bleeds

Bob Chapek, CEO of The Walt Disney Company said that the company is on track to reach 230 to 260 million subscribers by fiscal 2024

OTT services | Disney Pixar | Netflix

IANS  |  New Delhi 

Photo: Shutterstock

As loses paid subscribers amid slow growth, the Company has announced an increase of 7.9 million subscribers for Disney+, taking the total to 137.9 million, in the January-March period.

Bob Chapek, CEO of The Company said that the company is on track to reach 230 to 260 million subscribers by fiscal 2024.

"Adding 7.9 million Disney+ subscribers in the quarter and total subscriptions across all our DTC offerings exceeding 205 million once again proved that we are in a league of our own," Chapek said in a statement late on Wednesday.

Across all of Disney's streaming services (Disney+, Hulu, ESPN+), total subscriptions exceeded 205 million.

Hulu contributed 45.6 million subscriptions this quarter and ESPN+ added 1 million to reach 22.3 million subscribers.

The Company reported earnings for its second fiscal quarter that ended April 2.

Revenues for the quarter grew 23 per cent to $19.25 billion and earnings of 25 cents per share.

However, the company took a $1 billion hit for the amount due to a customer to early terminate license agreements for film and television content delivered in previous years in order for the company to use the content primarily on our direct-to-consumer services.

"As we look ahead to Disney's second century, I am confident we will continue to transform entertainment by combining extraordinary storytelling with innovative technology to create an even larger, more connected, and magical Disney universe for families and fans around the world," said Chapek.



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, May 12 2022. 12:27 IST