Disney's marquee streaming service beat Wall Street expectations. But earnings and revenue missed projections.
Walt Disney Co. on Wednesday reported better-than-expected subscriber growth from its marquee streaming service Disney+ as it charged forward with its direct-to-consumer transformation while increasing revenue from its crucial theme parks business.subscribers during the second quarter, exceeding analyst estimates. Wall Street had expected Disney+ to gain about 5.2 million paying members, according to FactSet. The service now has 137.7 million subscribers.
But then Netflix last month reported that it had lost subscribers for the first time in more than a decade. The company’s membership count Disney+ grew at an astonishing pace soon after its November 2019 launch, fueled by hits such as “The Mandalorian” and “WandaVision,” as well as its eminently rewatchable library of animated classics and films from Marvel, Pixar and the “Star Wars” franchise.
The division — which includes Disney+, Hulu and ESPN+ — lost $887 million, compared with a loss of $290 million a year earlier. Disney attributed the bigger loss to greater spending on programming, content production, marketing and technology.
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