Disney+ loses 4 million subscribers, streaming service cuts losses by $400 million

Disney+ saw its subscriber count drop for the second consecutive quarter in the first three months of 2023, with 4 million customers canceling their subscriptions, according to its latest earnings report. The company also saw a decline in subscribers by the end of 2022.

There was some good news though, as they reported a $400 million reduction in streaming losses, a 26% year-over-year decrease.

Disney+ had 157.8 million subscribers at the end of the first quarter of 2023, a figure Variety puts below Wall Street expectations of 163.17 million. The decline in subscribers was due to a 4.6 million sequential drop in subscribers for Disney+ Hotstar, the version of the service available in India and Southeast Asia.

In North America, Disney+ lost about 300,000 subscribers, bringing its total to 46.3 million, but gained nearly 1 million subscribers internationally. Hulu added 200,000 subscribers during the quarter, bringing its total to 48.2 million, while ESPN+ added 400,000 to 25.3 million.

Despite the decline in subscribers, CEO Bob Iger expressed satisfaction with the company's performance for the quarter, attributing the improved financial performance of the streaming business to the strategic adjustments the company has made for Disney's continued growth and success.

Disney shares closed at $101.14 on Wednesday. Iger and other Disney executives plan to hold a conference call to discuss the quarter's results in more detail.