News Update


The Disney+ streaming service lost 4 million customers in the first quarter.

According to Disney, its flagship streaming service lost 4 million subscribers in the first three months of the year, as part of a larger cost-cutting push.

At the same time, the Disney+ platform reduced its losses by $400 million (£316.5 million).

As the traditional film and television market declines, the home of Mickey Mouse, the Star Wars franchise, and Marvel blockbusters is under pressure to make its streaming business successful.

In New York after-hours trading, the company’s stock dropped by almost 5%.

The majority of the subscription losses were attributed to its Hotstar service in Asia, which lost streaming rights to Indian cricket matches last year.

After hiking subscription costs, Disney+ lost around 300,000 customers in the United States and Canada.

It comes as Disney’s streaming business lowered its operational losses for the first three months of the year to $659 million. This was a decrease from the previous quarter’s $1.1 billion.

The improved financial performance, according to Disney CEO Bob Iger, shows “the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success.”

He earlier stated that Disney+ had reached a “turning point” and would be profitable by next year.

Earlier this year, the entertainment conglomerate revealed its first decline in subscriber numbers and announced plans to lay off 7,000 employees.

The latest declaration comes after thousands of Hollywood television and film screenwriters went on strike for the first time in 15 years last week.

As the switch to streaming has upended the traditional television and film industries, they are pushing for improved pay and working conditions.


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