Disney’s streaming business turned a profit for the first time, with a $47 million profit from Disney Plus, Hulu and ESPN Plus, the company said. financial report based on the results of the third quarter of 2024.
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Like other streaming players, Disney has struggled to make its streaming business profitable, but last year Disney Plus, ESPN Plus, and Hulu lost $512 million. That began to turn around last quarter, when Disney Plus and Hulu turned a profit, but ESPN Plus’ losses kept the company’s entire streaming business from breaking even.
“Disney had a strong quarter driven by strong results in our entertainment business at both the box office and direct-to-consumer — we achieved profitability in our combined streaming business for the first time and were a quarter ahead of our previous guidance,” said Disney CEO Bob Iger.
Disney Plus added just under 1 million new subscribers in the U.S. and Canada during the period, bringing its total to 54.8 million. Hulu’s subscriber count grew to 51.1 million from 50.2 million in the quarter. Disney has seen relatively steady subscriber growth, but it continues to look for ways to make more money from its existing user base. The company announced price increases yesterday that will affect Disney Plus, Hulu, and ESPN Plus plans, something it has consistently done in recent years. Disney also plans to crack down on account sharing in the near future.
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