As Netflix loses paid subscribers amid slow growth, the Walt Disney 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 Walt Disney 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 Walt Disney 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.