Disney+ lost 700,000 subscribers in the final quarter of 2024 (its first fiscal quarter of 2025), bringing its total- excluding Disney+ Hotstar, to 124.6 million. ESPN+ also saw a 700,000 drop, while Hulu added 1.6 million, reaching 53.6 million subscribers. Despite Disney+ shedding users, the company's streaming division remained profitable for the third straight quarter, helped by price hikes and expiring promotions.
Disney anticipated the decline and expects another "modest" drop in 2025, a shift from its 4.4 million gain in mid-2024.
Financially, Disney outperformed expectations. Wall Street projected $1.43 EPS on $24.55 billion revenue, but Disney posted $1.76 EPS on $24.7 billion, showing strong profitability.
At the box office, Moana 2 was a runaway success, crossing $1 billion and proving that moving it from Disney+ to theaters was the right call. Meanwhile, Mufasa: The Lion King earned $650 million worldwide, a solid result but not on par with previous Lion King hits.
Disney remains the #1 media company in TV viewership, trailing only YouTube. Streaming hits like "Bluey," "Grey's Anatomy," and "Home Alone" performed well, while "Deadpool & Wolverine" had a strong Disney+ debut.
Searchlight's "A Complete Unknown", starring Timothée Chalamet as Bob Dylan, debuted in theaters on Christmas and is more of an Oscar contender than a box office smash.
Despite subscriber losses, Disney's financials, streaming growth, and theatrical success signal a strong start to 2025.
