Take a seat folks, Disney just dropped some HUGE news and we’ve got it all for you right here!
On February 7th, 2024, Disney held its earnings call (and released its earnings report) for the first quarter of fiscal year 2024. That gave us some important updates on Disney’s financial situation in its theme parks, its streaming services, and more. So just how is Disney doing right now? Are things looking up at the Mouse House or is there bad news in store for 2024? Let’s dive in and break it all down!
Disney’s Q1 Earnings Call is taking place NOW! Stay tuned for updates and news as we hear it!
— Disney Food Blog (@DisneyFoodBlog) February 7, 2024
Streaming is a HUGE priority for the Walt Disney Company (and one CEO Bob Iger has previously called his number one priority). At the end of the 2023 fiscal year, Disney+ Core had a total of 112.6 million subscribers, while Disney+ Hotstar had 37.6 million.
As of the latest update (for the first quarter of fiscal year 2024), the numbers are as follows:
Disney+ subscribers decreased by 1.3 million which was in line with the company’s expectations. However, Disney is projecting a rebound of 5.5 to 6 million subscribers for the second quarter.
Direct-to-Consumer Revenue and Loss
What about revenue and loss for Disney’s direct-to-consumer business as a whole (Disney+, Disney+ Hotstar, and Hulu)? Here’s how things look there:
Overall, in streaming, the company had a loss of $138 million this quarter. However, Iger commented that across the board, the company saw success and there has been a dramatic improvement in streaming.
This marks a change from the end of the prior quarter, where the revenue was just over $5 billion and the operating loss was a loss of around $420 million.
Disney and Hulu have been working on a one-app experience (the beta test of which was already released), and cracking down on password sharing. Plus, we’ve seen Disney+ included with Apple Vision Pro, new seasons of popular shows announced for Disney+, and the cancelation of certain shows. It seems that a lot of things truly are changing in the streaming space for Disney. Whether all of it will ultimately lead to Disney’s goal of making Disney+ profitable by the end of fiscal year 2024 remains to be seen, but it’s something we’ll be watching carefully.
We’re working on analyzing and sharing ALL of the news from Disney’s earnings call and report with you, so stay tuned for that.
Bob Iger has announced that his big priorities for 2024 are achieving significant profit streaming, building up ESPN into something even bigger, improving the output of their movie studios, and turbocharging growth in the Experiences business. We’ll be watching for updates on these things throughout the year to see just how Disney handles them. Be sure to check back with us for all the latest updates.
Which of these announcements surprised you the most? Tell us in the comments!