In the final quarter of 2023, Disney+ lost 1.3 million subscribers. This fall in subscribers came amid a hefty price hike that went into effect last fall, Variety reported. However, it managed to bring down its streaming business’ losses by $300 million during the October-December period.
Disney+ Core subscribers (US, Canada, and international; excluding India) plummeted to 111.3 million from the 112.6 million reported in the previous quarter, Disney’s quarterly earnings results read, which was released Wednesday.
In its financials, the Mouse House’s first quarter for FY 24, Disney projects adding between 5.5 million and 6 million subscribers to Disney+ Core by its current quarter (January-March) end.
Meanwhile, Disney+ Hotstar got new 700,000 subscribers during the October-December quarter. This meant the subscribers rose to 38.3 million from the 37.6 million it recorded at the end of September.
This marks Disney+ Hotstar’s initial growth since experiencing a significant decline last year, which saw a departure of 12.5 million subscribers following a strategic pivot away from low-margin customers and the relinquishment of crucial sports rights in the region.
Combined, Disney’s streaming services amassed 149.6 million subscribers by the end of 2023, showing a slight decrease from the 150.2 million reported in the previous quarter.
Disney reported $500 million in cost savings for the quarter and said that it’s “on track to meet or exceed our $7.5 billion annualized savings target by the end of fiscal 2024.”
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