Disney says streaming business at 'turning point'
Disney's streaming business has continued to grow - but its losses are rising too.
The media giant said it had added more than 12 million subscribers to its Disney+ streaming platform in the three months ended in September.
But the unit lost nearly $1.5bn - a hit that weighed on the company's overall bottom line.
Chief executive Bob Chapek said Disney+ had reached a "turning point" and would become profitable by 2024.
The company now counts more than 235 million subscriptions across its three streaming platforms, which also include the sports-focused ESPN+ and wider enterainment site Hulu.
Netflix, by comparison, has about 223 million subscribers.
It reported profits of $162m, up from $159m last year.
That was lower than analysts had expected, sending shares down more than 5% in after-hours trade.
The firm was also hurt by weakness in its traditional movie and television business, which saw declines in advertising, and rising costs cut into its profits.
But the unit lost nearly $1.5bn - a hit that weighed on the company's overall bottom line.
Chief executive Bob Chapek said Disney+ had reached a "turning point" and would become profitable by 2024.
The company now counts more than 235 million subscriptions across its three streaming platforms, which also include the sports-focused ESPN+ and wider enterainment site Hulu.
Netflix, by comparison, has about 223 million subscribers.
It reported profits of $162m, up from $159m last year.
That was lower than analysts had expected, sending shares down more than 5% in after-hours trade.
The firm was also hurt by weakness in its traditional movie and television business, which saw declines in advertising, and rising costs cut into its profits.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
