Disney+ has beat subscription expectations in the last quarter. The announcement came from an earnings call on February 9. 2022. This comes in contrast with the quarter before where subscription numbers were soft. Instead, Disney+ gained 11.8 million new subscribers in the last quarter.
According to StreetAccount, an average of analysts expected that Disney+ would gain around 7 million new subscribers during the first fiscal quarter. This growth heats up the competition between Disney’s streaming service and Netflix. In contrast, Netflix gained 8.3 million during the last quarter and Netflix expected to only gain 2.1 million during the next. Globally, Disney has 129.8 million Disney+ subscribers. This also includes India’s Disney+ Hotstar and its 45.9 million subscribers. Netflix globally has 222 million subscribers.
During an interview with CNBC, Disney CEO Bob Chapek confirmed that Disney is still aiming to get 230 million to 260 million Disney+ subscribers by 2024. By this time Disney will also have doubled the amount of owned content from its Marvel, Lucasfilm, and Pixar content from what it was in 2021.
With the news from the earnings call and Disney+ subscription growth, Disney shares soared 8% in after-hours trading. This seems to indicate confidence in Disney as it moves forward. This comes in contrast with recent reports of disgruntled shareholders ahead of the Disney annual meeting in March.
What do you think of Disney+’s subscription growth? Do you think Disney will reach its 2024 target? Will it overcome Netflix? Share your thoughts and opinions in the comments below!