Disney Plus without doubt is one of the fastest growing streaming platforms at the moment. The service that launched one and half year ago, successfully now has added over 100 million subscribers. The company on Thursday released the statements regarding its second quarter and the subscriber count of Disney Plus has reached a whopping 103.6 million subscribers worldwide as of April 3.
Even though, at this point, it might seem a lot, but apparently this isn’t the case. Research had predicted that the streaming service in the second quarter would easily reach 109.3 million subscribers as it already reached the 100 million mark back in March. Disney Plus definitely saw growth but is much slower than expected. The overall revenue fell 13.3% to 15.6 billion.
The officials have even listed out why there could have been a reduction in the subscribers. According to them, the subscription price hike in the US can be a big reason for the slower growth rate, even though the increase is just by a dollar, it can still hamper the growth of subscribers. Disney Plus added 8 million new subscribers for the second quarter, whereas in the first quarter it had added 21 million new subscribers.
The latest growth comes with a deceleration of Disney Plus’ superb growth in its first year. Disney Plus subscribers were up 9.2% in the latest period as compared to the previous three months. But Disney Plus’ has seen stronger growth rates previously with 29% and 28% in the two quarters before this. The market price following the release of the details of the second quarter has fallen about 4%.
A big chunk of Disney Plus’ subscribers come from its International markets especially with Disney Plus Hotstar in India and Indonesia. But for this quarter, the revenue for Hotstar too has gone down. Hostar available in India and Indonesia has added 34 million subscribers to the grand total. For India, IPL played a major part in it, but the growth came down as IPL as of now stands suspended due to Covid-19.
CEO Bob Chapek has mentioned that it is still on the right path towards its goal of obtaining around 240-260 million subscribers by 2024. The officials have mentioned that they are hoping to see a growth in the later quarters as many more Marvel, Star Wars, Disney movies and series are on its way to the platform. It is to be mentioned that major subscriber pull for Disney Plus has been due to “WandaVision” and “Falcon and the Winter Soldier” worldwide.
It is being stated that the platform has found a good amount of international viewers coming in, but it is the US Markets that they need to grow more and they have strong plans for it with ESPN Plus and Hulu. Hulu subscribers increased 30%, to 41.6 million overall and for ESPN Plus; it increased 75%, to 13.8 million.
Though there has been a lack and slowed down growth in the subscriber count and also revenue, Disney aims to bring it up on top once again as they start releasing movies. Their most recent plans are Cruella, Luca and the much awaited Black Widow. All of these 3 will be released through simultaneous release in theatres and Disney+ Premier Access. These new releases will definitely bring up their slowing down revenues for the next, upcoming quarters.
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