BURBANK, Calif.—Disney posted only slight direct-to-consumer subscriber gains in the quarter ending July 1, 2023, but saw significant progress on its plans to cut streaming losses as losses in its DTC segment fell from $1.064 billion a year ago to $512 million for the Q3 FY2023 ending July 1, 2023.
Domestic U.S. and Canada Disney+ subs fell from 46.3 million subs for the quarter ending April 1, 2023 to 46.0 million in its Q3 FY 2023. But global core Disney+ subs increased to 105.7 million, up from 104.9 million in April.
The global core Disney+ sub counts exclude Disney’s troubled Disney+ Hotstar in India service that saw a massive sub drop to 40.4 million in July 1, 2023 from 52.9 million in April.
ESPN+ held basically steady, at 25.2 million in Q3, FY2023 from 25.3 million in April.
Hulu SVOD only service increased from 43.7 million in April to 44.0 million in Q3 FY2023 while Hulu’s vMVPD service saw slight decline from 4.4 million in April to 4.3 million on July 1 of Q3 FY2023.
“Our results this quarter are reflective of what we’ve accomplished through the unprecedented transformation we’re undertaking at Disney to restructure the company, improve efficiencies, and restore creativity to the center of our business,” said Robert A. Iger, CEO, The Walt Disney Company. “In the eight months since my return, these important changes are creating a more cost- effective, coordinated, and streamlined approach to our operations that has put us on track to exceed our initial goal of $5.5 billion in savings as well as improved our direct-to-consumer operating income by roughly $1 billion in just three quarters. While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place, and because of Disney’s core foundation of creative excellence and popular brands and franchises.”
More to come after the completion of Disney’s earning’s call with analysts.
