Streaming service Disney+ added 11.8 million subscribers in its first fiscal quarter of the year and now has 129.8 million global subscribers, Disney told investors Wednesday. That’s a significant bump from the 2 million subscribers it added one quarter ago. (Adweek)
Hulu added 6.6 million subscribers to reach 45.3 million subs (likely driven by an aggressive Black Friday offer at a $1 per month rate) and ESPN+ added 4.2 million subscribers to reach 21.3 million. (THR)
Though Netflix shares fell during its most recent report when it showed slowing subscriber growth, Chapek reiterated guidance of 230 million to 260 million Disney+ subscribers by 2024. (CNBC)
Business outside of North America is proving to be of ever-increasing importance. Subscriber numbers for Disney+ Hotstar—a service that covers India, a rapidly expanding market—grew 57 percent from the prior-year Q1 to 45.9 million during the quarter, outpacing the rate of domestic gains. (Insider)
Profit in Disney’s traditional TV units, including ESPN and ABC, fell 13 percent to $1.5 billion, with higher programming costs offsetting increased advertising and fees from cable TV distributors. Disney’s content sales unit, which includes films, reported a loss of $98 million, with theaters still struggling and losses on pictures released outweighing revenue from home entertainment. (Bloomberg)