Disney has seen the number of subscribers to its Disney+ streaming platform fall for the third consecutive quarter, but promises an upturn over the summer.
The streaming service fell from 157.8 million subscribers at the end of March to 146.1 million at the end of June (-7.4%), mainly due to the Indian market, where it lost the rights to broadcast the national cricket championship.
From the end of September 2022 to the end of June 2023, Disney+ lost a total of 18 million subscribers. The platform also saw a slight decline of 1% in North America, its second in a row.
However, it is seeking to remain positive, assuring that it expects subscriber numbers to rebound during the current quarter, both in its domestic market and internationally.
Disney+ is also facing significant competition in the US market, from players such as Netflix, Amazon Prime and HBO MAX.
Due to high inflation, people have become more cautious when it comes to buying streaming services. However, this has not stopped Netflix from gaining subscribers in the last quarter.
All in all, the entertainment giant posted a small increase in sales, although it came in slightly below analysts' expectations at $22.3 billion for the period, according to its results statement released on Wednesday.
The group posted a net loss of $460 million, which was partly due to costs associated with job cuts, compared with a profit of $1.4 billion a year ago.
Under the leadership of CEO Bob Iger, the Enchanted Kingdom has undertaken to make savings this year, including cutting 7,000 jobs and reducing content production.
