Disney+ reported strong numbers for its third quarter, adding 13 million subscribers over the last few months.
According to The Hollywood Reporter, Disney+ now has 116 million subscribers, surpassing Wall Street's initial predictions of 115 million by the end of the quarter. Disney's stock was up 1.2 points at closing and, as of this writing, sits at 179.29. Last quarter, Disney failed to reach analyst's predictions, falling short by 7 million subscribers.
Disney's other streaming services also saw increases in their subscriber counts. Hulu, which is a shared venture between Disney and Comcast, now has 42.8 million subscribers, a 22% increase from this time last year. ESPN+ now counts 14.9 subscribers, a 75% increase from this time last year. Overall, the direct-to-consumer division of the company brought in $4.25 billion.
Disney+ released several original series and movies through the quarter, including Loki, Monsters at Work, Turner & Hooch, Luca, Black Widow, Cruella and Jungle Cruise. The streamer is currently airing the first season of What If...? and has Hawkeye and Star Wars: Visions in the pipeline.
However, it was not all good news for the House of Mouse's streaming lineup. Average revenue per user (ARPU) continues to remain low at $4.16, as many of the new subscriptions came from India through Disney+ Hotstar, which is offered at a cheaper rate than its American counterpart.
Despite the success of streaming, Disney is not abandoning the theatrical experience. Free Guy will remain a theatrical exclusive due to a deal the company inherited when it acquired the rights to the film. Shang-Chi and the Legend of the Ten Rings will have a 45-day theatrical window and "will be an interesting datapoint," according to Disney CEO Bob Chapek. However, Chapek did say that the company was expecting "on being in a much more healthy theatrical environment," referring to the COVID-19 delta variant and the rise in case numbers across the U.S.
To celebrate its success, Disney will celebrate Disney+ Day on Nov. 12. No details were revealed about the promotional event, but it is expected to feature news and trailers for upcoming Disney+ programming.
Disney's linear networks, which include ESPN and ABC, were up 33% year over year at $2.19 billion. Meanwhile, the company's theme park division turned a profit for the first time since Disneyland and Disneyworld closed down in March, earning $4.3 billion or revenue and $356 million of income.
Source: The Hollywood Reporter