Disney+ drops 2.4 million subscribers in the First Quarter of 2023
It has been announced in the 1st Quarter of 2023 Earnings Call today that Disney+ has dropped 2.4 million subscribers in the last 3 months of 2022.
Even though earnings increased in the 1st quarter of 2023, this is the first time Disney+ has dropped in subscribers since 2020.
Related – Bob Iger To Cut Some 7000 Jobs at Disney as Cost-Cutting Measure
Direct-to-Consumer revenues for the quarter increased 13% to $5.3 billion and operating loss
increased $0.5 billion to $1.1 billion. The increase in operating loss was due to a higher loss at Disney+ and a decrease in results at Hulu, partially offset by improved results at ESPN+.
Results at Disney+ reflected higher programming and production costs and increased technology
costs, partially offset by higher subscription revenue and a decrease in marketing costs. The increase in programming and production costs was attributable to more content provided on the service and higher average costs per hour, which included an increased mix of original content.
Related – Walt Disney Company working on Frozen, Zootopia, and Toy Story Sequels According to Bob Iger
Bob Iger had this to say about the first quarter earnings:
“After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “We believe the work we are doing to reshape our company around creativity while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders.”
Click here to read the full first-quarter earning report for 2023.
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