Disney reported an increase in total revenue to $22.1 billion for the quarter ending March 30, 2024, up from $21.8 billion the previous year. Earnings per share also rose to $1.21, surpassing analyst expectations.
Streaming Success
For the first time, Disney’s streaming services reported a profit. The company predicts continued profitability for its streaming division by the end of the year, attributing this success to efficient management and strategic planning begun in 2019.
Subscriber Trends
Disney+ core subscribers grew to 117.6 million, an increase from 111.3 million. However, Disney+ Hotstar saw a decrease to 36 million subscribers, down from 38.3 million, with a significant drop in average revenue per subscriber due to lower ad sales.
Sports and Experiences Performance
While Disney's ESPN segment saw a slight increase in revenue, Star Sports in India experienced a 17% drop in revenue. Conversely, Disney's theme parks and consumer products division reported a 10% revenue increase, showcasing strong performance in these areas.
Leadership Commentary
CEO Robert A. Iger expressed confidence in Disney's strategic direction, highlighting upcoming theatrical releases, television show successes, and digital expansion in sports broadcasting as key growth drivers.
