Article written by Jennifer Maas, via https://variety.com on 10 May 2023
Disney+ shed another 4 million subscribers in the first three months of 2023, marking the streamer’s second consecutive quarterly drop after closing 2022 with its first-ever decline.
Disney ended the quarter with 157.8 million subscribers at Disney+, significantly missing Wall Street’s estimate of 163.17 million subs.
Starting with its fiscal Q2 2022, Disney restructured its financial results into two segments: Disney Media and Entertainment Distribution and Disney Parks, Experiences and Products.
The drop in operating income was attributable to lower ad revenue and higher sports programming and production costs.
International channels’ revenue for the quarter dropped 18% to $1.1 billion and operating income fell 65% to $85 million.