According to recent data, Disney+ now has more subscribers than Netflix.
In their most recent earnings report, Walt Disney announced the addition of 14.6 subscriptions across its streaming platforms: Disney+, Hulu, and ESPN+. It brought the company’s total number of subscribers up to 236 million. With Netflix recently revealing that it has 223 million members in October, this officially puts Disney ahead of the legacy streaming giant. Disney+ is currently the company’s most successful one of all three platforms, with 164 million solo members.
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Disney’s quarterly operating loss across its streaming business increased by $0.7 billion, reaching $1.5 billion. This can be attributed to global macroeconomic challenges, higher than-usual production costs, and increased marketing expenses. The lack of premier access releases- such as Cruella and Black Widow- present in the past could also play a role in this decline.
That said, Walt Disney CEO Bob Chapek still has a positive outlook on streaming despite the current gap. He expects it to narrow in the upcoming months and become profitable by 2024. Some developments helping achieve this goal are an ad-supported tier on Disney+ and raising subscription prices to $11 per month starting December 8.
“We expect our DTC operating losses to narrow going forward and that Disney+ will still achieve profitability in fiscal 2024, assuming we do not see a meaningful shift in the economic climate,” said Disney CEO Bob Chapek in the earnings release. “By realigning our costs and realizing the benefits of price increases and our Disney+ ad-supported tier coming December 8, we believe we will be on the path to achieve a profitable streaming business that will drive continued growth and generate shareholder value long into the future.”
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