The Walt Disney Co.’s streaming platform has had content decline in its profits over the past few years. But its latest quarterly revenue report claims that it is finally coming out of the decline phase and its revenue has started to grow. It has reported a significant increase in Disney+ subscribers for the second quarter of 2024, making the streaming service almost profitable.
Disney+ is almost profitable for Q2 2024; claims report
Disney+ along with Hulu has recorded a profit for the first time today. If we look closely at the official stats, the combined revenue for both streaming services stood at $47 million. This is still not a very good number if we look at the total losses it has made, which is $587 million. The number’s continued growth, and its expected rise in the coming years, are positive signs for the brand.
Disney+ added around 7.9 million subscribers in the US and Canada markets bringing the total subscribers to 54 million. This spike in the number of subscribers made the streaming service almost profitable for the second quarter. This spike could be a direct or indirect result of the newly announced app which merges both the Disney+ and Hulu services into one.
Disney as a whole is still far from being profitable
If we look at the overall data of Disney’s streaming business, it is still far from turning profitable. Even though two of its services, Disney+ and Hulu noticed a spike in their revenue, ESPN still lost as much as $65 million for the second quarter. If we count the following figures, the overall revenue of the business turns out to be $18 million in red. ESPN single-handedly made more losses than the combined earnings of Disney+ and Hulu.
The CEO of Disney, Bob Iger says “Our results were driven in large part by our experiences, segments, and our streaming business, which achieved an important milestone with the entertainment portion of the streaming business. We fully expect streaming to be a growth driver for the company in the future.”