Disney says it has more streaming customers than Netflix

The Walt Disney Co. said its three main streaming services — Disney+, ESPN+ and Hulu — had increased their subscriber numbers to more than 235 million as of Oct. 1, or above Netflix. 223 million subscribers.

Disney, which released its latest quarterly results on Tuesday, said Disney+ added 12.1 million customers in the last quarter, while ESPN+ added 7 million subscribers and Hulu added 3.4 new ones. accounts.

Disney and Netflix are locked in a battle for viewers, with both working on low-cost ad-supported tiers to compete with cost-conscious consumers. While Netflix launched its ad-supported network this month, Disney+ will launch its own version on December 8.

“Disney+’s ad-supported level will be a game-changer for its subscriber and revenue growth,” Third Bridge analyst Jamie Lumley said in an email. “Its launch cannot come soon enough.”

At the same time, Disney has expanded its customer base with “family-friendly features and franchises,” Lumley added. “The big question from a content perspective is whether Disney+ will expand into more adult-oriented entertainment and how it will approach that without affecting its traditional brand.”

Revenue rose 9% to $20.15 billion from $18.53 billion, below analysts’ expectations of $21.27 billion.

Shares of Disney, which is based in Burbank, Calif., fell $6.15, or 6.2%, to settle at $93.75 after hours.

CEO Bob Chapek said the company still expects the money-losing Disney+ service to be profitable in 2024 “assuming we don’t see a significant change in the economic climate.”

—With Associated Press reporting.


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