Disney+ Surpasses Subscriber Growth Expectations, Gaining Traction on Netflix
Beating Wall Street’s predictions by adding 7.9 million subscribers.
It appears that Disney+ is one step closer to eclipsing Netflix as the top streaming platform.
According to The Hollywood Reporter, Disney+ has surpassed Wall Street’s performance expectations from last quarter, adding 7.9 million subscribers to its platform. Wall Street only expected Disney+ to add 4.5 to 5 million new subscribers. While the subscriber count has been up, Disney fell slightly short on the expected earnings. Disney reported revenue of $19.2 billion USD falling short of Wall Street’s $20.1 billion USD expectation. Disney also reported an income of $3.7 billion USD.
After this quarter, Disney+ now has 137.7 million subscribers in total, putting them ahead of Hulu and ESPN+. Disney’s media and entertainment distribution division also saw growth reporting a 9% increase in revenue from last quarter including its streaming services which went up by 23%. Despite a high-profile fall by Netflix last quarter, they have still be able to maintain a focus on Wall Street. Netflix has since suffered poor earning numbers last quarter and has been under pressure for predicting lower projections for the upcoming quarters.
Disney appears to be on track to success with new highly anticipated series premiering this summer. Obi-Wan Kenobi premieres on May 27 on Disney+.
In other entertainment news, Taika Waititi talks about Russel Crowe’s portrayal of Zeus in Thor: Love and Thunder.
