The 2023 financial year closed with a setback for Disney's mouse house: following a hike in Disney+ membership fees, nearly one and a half million subscriptions were axed. Yet, there's a silver lining amidst the stormy financial report...
The latest earnings call from The Walt Disney Company has left investors with mixed emotions. On one hand, it was disclosed that Disney+ saw a drop of almost 1.3 million members in the fourth quarter of 2023. However, concurrently, the streaming business's financial losses are anticipated to diminish by a staggering $300 million. In both instances, the primary catalyst appears to be the price hike, which, overall, could be interpreted as a success, although the markets typically favor uninterrupted customer growth.
As of December 30th, Disney+ boasted 111.3 million global subscriptions, trailing far behind industry giant Netflix, which commands a whopping 260 million paid memberships. There's some solace in Hulu, Disney's sister platform, which managed to secure 1.2 million new contracts within the same timeframe. Currently, there's a total of 45.1 million Hulu subscribers, though this offer is limited to the United States.
Looking ahead to 2024, what's in store for Disney+?
According to IGN, Disney anticipates adding up to six million new subscriptions to its flagship streaming service – and this forecast pertains solely to the first two quarters of the year. It's presumed that customers will acclimate to the price adjustment over the forthcoming months. In the United States, the cost of the ad-free premium tier surged from eleven to 14 dollars per month. In Germany, the premium version of Disney+ is available for 11.99 euros per month (or 119.90 euros for an annual subscription).
Disney has also unveiled some exciting announcements in its latest annual report: The "Percy Jackson" series is greenlit for a second season, the animated hit "Moana" is slated for a sequel in November, and Disney+ secured exclusive rights to the highly successful concert film "Taylor Swift: The Eras Tour," scheduled for release in March. Additionally, a hefty investment of one and a half billion dollars was made in Epic Games, capitalizing on the "Fortnite" gaming frenzy...
Discover the Disney+ offerings now (affiliate link)
While Disney may have faced challenges in the past financial year, the company remains resilient, with strategic investments and promising content offerings pointing towards a bright future in the ever-evolving landscape of entertainment.
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