Disney Has Big Streaming Growth
Disney doesn't "subscribe to the belief that theatrical distribution is the only way to build a Disney franchise,” said CEO Bob Chapek on an earnings call Wednesday for fiscal Q1 ended Jan. 1. Disney added 4.1 million paid domestic U.S.…
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Disney+ subscribers in the quarter, said Chief Financial Officer Christine McCarthy, including about 2 million incremental subscribers from including Disney+ and ESPN+ as part of a Hulu Live subscription. Disney continues to see “value in the moviegoing experience,” said Chapek, but Disney’s theatrical business swung to a $98 million operating loss in the quarter, while Disney+ subscriptions jumped 37% to 129.8 million, including 18% growth in domestic U.S. subs to 42.9 million. “The continued growth of our streaming services was certainly a standout,” said the CEO. Chapek estimates Disney+ is “roughly one-third penetrated” in potential U.S. subscribers, he said. Stock closed up 3.4% at $152.16.