Disney has finally achieved profitability in its streaming business. In the third quarter of the year, the company reported a profit of $47 million thanks to Disney Plus, Hulu and ESPN Plus. This result represents a significant improvement compared to the same period last year, when the three platforms recorded a combined loss of $512 million. The turnaround had already begun in the previous quarter, when Disney Plus and Hulu recorded a profit, although ESPN Plus’ losses prevented them from reaching overall profitability. However, in the third quarter, all platforms contributed to the company’s financial success.
“This was a strong quarter for Disney, driven by strong results in our Entertainment segment, both at the box office and in direct-to-consumer (DTC), as we achieved profitability in our combined streaming businesses for the first time, a quarter ahead of our guidance,” said Disney CEO Bob Iger.
Meanwhile, Disney Plus added just under 1 million subscribers in the U.S. and Canada, bringing its total to 54.8 million. Hulu also saw subscriber growth, reaching 51.1 million, up from 50.2 million the previous quarter. Despite relatively flat subscriber growth, Disney continues to look for ways to increase revenue from its existing users.
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