As a seasoned gamer with a soft spot for Disney classics and a knack for navigating through digital platforms, I must say, this news about Disney+ turning profitable for the first time feels like unlocking that elusive platinum trophy after countless hours of gameplay. The success story of Inside Out driving 1.3 million sign-ups is reminiscent of finding that hidden power-up that instantly propels your character to new heights!
During a conference call with investors on August 7, The Walt Disney Company disclosed that its streaming services, such as Disney+, Hulu, and ESPN Plus, recorded a quarterly operating loss of $19 million – significantly lower than the $505 million loss from the same period last year. Notably, in the earnings report for the third quarter, Disney’s streaming business managed to achieve profitability for the first time, generating approximately $47 million.
Disney CEO Bob Iger underscored the company’s impressive quarterly performance, attaining profitability in their streaming sector. This accomplishment can be traced back to the 2015 Pixar production, Inside Out, which generated approximately 1.3 million new subscribers for Disney+. Remarkably, the sequel to this film has become the highest-grossing animated movie worldwide.
In simpler terms, Disney had a successful quarter due to outstanding performance in its Entertainment division, both in box office earnings and direct-to-consumer (streaming) services. For the first time, Disney’s total streaming businesses were profitable, surpassing their earlier forecasts by a quarter. This information was shared by Iger in an official statement.
Disney’s blockbuster movies generated approximately $1.2 billion towards their overall success in the entertainment industry. However, it was recently announced that there will be a price hike for Disney+, Hulu, and ESPN+ this fall. The ad-supported services will cost $9.99 per month, while the ad-free versions will be priced at $15.99 and $18.99 monthly. Specifically, ESPN+ will increase to $11.99 per month.
On the call, Iger justified the price increase by pointing out that Disney now holds greater power to boost prices compared to earlier times, primarily due to the platform being perceived as an attractive value.
Each period we’ve raised our prices, the number of customers who left was relatively small. This exodus wouldn’t be considered substantial by our standards, he noted. Here, “churn” rate indicates the percentage of customers who leave a specific service over a certain period.
In the US and Canada, Disney+ gained approximately 900,000 new subscribers, reaching a total of about 54.8 million. Meanwhile, Hulu’s subscriber count increased to 51.1 million, up from 50.2 million in the previous quarter. Although the growth rate for subscribers has slowed down somewhat, Disney continues to explore methods for maximizing revenue from its existing customer base.
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2024-08-07 19:39