On Wednesday, Disney released its results for the third quarter of Fiscal Year 2023, revealing that its streaming division had lost hundreds of millions of dollars.
During the three-month period, the entertainment giant saw its subscribers continue to decline, a trend that began in the last quarter of FY2022 and has shown no signs of reversing.
According to CNBC , Disney+ reported 146.1 million subscribers in Q3, a 7.4 percent decrease over Q2. Not all segments of the streaming division were equally impacted, however. Disney+ Hotstar suffered the greatest loss, 24 percent, after customers left en masse in response to the service losing rights to broadcast Indian Premier League cricket matches.During the earnings call, CEO Bob Iger expressed his confidence that Disney would be able to recoup its losses. “Moving forward,” he said, “I believe three businesses will drive the greatest growth and value creation over the next five years. […]
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