Disney Plus cuts streaming business losses by $400 million despite losing 4 million subscribers

according to a just released earnings report, Disney+ experienced a subscriber decline for the second consecutive quarter in the first three months of 2023, with 4 million customers leaving the service. The company had also seen a decline in subscribers at the end of 2022.

However, there was some positive news for the company as they reported a reduction in streaming business losses of $400 million, which is a 26% year-over-year decline.

At the end of the first quarter of 2023, Disney+ had 157.8 million subscribers, which Variety registered below the 163.17 million anticipated by Wall Street. The subscriber decline was driven by a sequential drop of 4.6 million on Disney+ Hotstar, the version of the service available in India and Southeast Asia.

In North America, Disney+ lost approximately 300,000 subscribers, bringing its total to 46.3 million, but gained nearly 1 million subscribers in international markets. Hulu gained 200,000 subscribers in the quarter, bringing its total to 48.2 million, while ESPN+ increased by 400,000 to 25.3 million.

Despite the subscriber decline, CEO Bob Iger expressed his satisfaction with the company’s performance in the quarter and attributed the better financial results of the streaming business to the strategic changes the company has made to position Disney for growth. and sustained success.

On Wednesday, Disney shares closed at $101.14 per share. Iger and other Disney executives are scheduled to hold a conference call to discuss the quarter’s performance in more detail.

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