Disney Announces That It Has Finally Reached Streaming Profit And Ahead Of Schedule Too
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With the rise of streaming services and these services becoming the norm, the question comes to mind the profitability of these services. The streaming service Disney+ has “promised” a “streaming swing” for the 2024 fiscal year. Luckily Disney+ was able to report a $47 million income in contrast to their $512 million loss from the previous year. According to Deadline, Disney+ and Hulu lost a combined $19 million, but are expecting to return a profit for the September quarter. This could be a direct result of Disney+ announcing the price of their streaming service going up.
It’s a new world of film and television, and when it comes to the world of streaming, it’s a battle of subscriber count and profit per quarter. In this battle, the victor appears to be profitable. Meanwhile, Disney+ reported 118.3 million core subscribers compared to 117.6 million the year earlier. Several factors influencing the rise in subscribers are the release of Inside Out 2 which brought fans to watch (or re-watch) the first Inside Out, the release of Kingdom of the Planet of the Apes, and the blockbuster Deadpool & Wolverine most certainly experiencing the Inside Out 2 effect.
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Bob Iger states, “This was a strong quarter for Disney, driven by excellent results in our entertainment segment…as we achieved profitability across our combined streaming for the first time, and ahead of our previous guidance.” While Disney as a company is a profitable and long-standing business, the rise in profits from their streaming service comes from not only them but also their subscribers, film projects, and their partnerships with Hulu and ESPN. Luckily, Disney and Disney+ have a plethora of fans young and old to “continue to continue driving earnings growth through [Disney+’s] collection of unique and powerful assets.”
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Source: Deadline
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