Hulu added 300,000 subscribers to reach 45.6 million subs and ESPN+ added 1 million subscribers to reach 22.3 million.
Despite a high-profile stumble by Netflix last quarter, the streaming business remains the division where Wall Street is placing much of its focus, and the company updated its efforts in the space Wednesday, with Disney+ adding 7.9 million subscribers last quarter to hit 137.7 million total. Hulu added 300,000 subscribers to reach 45.6 million subs , and ESPN+ added 1 million subscribers to reach 22.3 million.
Disney’s media and entertainment distribution division, which includes streaming, had revenues of $13.5 billion in the quarter, up 9 percent from a year ago. Streaming led the way, with revenues up 23 percent to $4.9 billion. Linear networks were up 5 percent to $7.1 billion. The Academy Awards helped bolster ABC, with advertising revenue up from the same quarter a year ago, “partially offset by a decrease in viewership and, to a lesser extent, fewer units delivered,” the company said.
Disney’s parks, experiences and consumer products division, meanwhile, had revenue of $6.6 billion, up more than 100 percent from a year ago, when COVID-19 impacts were still being widely felt around the globe. The company also took a $195 million impairment charge related to the Disney Channel in Russia. The company had said it would take steps to exit the country after it invaded neighboring Ukraine.
Disney’s latest earnings report comes at a critical moment for the entertainment giant, and for the world of streaming video at large.
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