Business is booming.

Disney adds 14.4 million subscribers to Disney+ – and will HIKE prices for all streaming services

Disney has surpassed Wall Street’s expectations by adding 14.4 million new subscribers to its Disney+ streaming service in the last quarter, CEO Bob Chapek said in an earnings call on Wednesday.

Disney+ now has a total of 152 million subscribers, and along with Disney-owned Hulu and ESPN+, the company has surpassed Netflix to become the largest streamer, with a total of 221 million paid subscribers.

Netflix said it had 220.7 million streaming subscribers at the end of the last quarter, after suffering two consecutive quarters of net subscriber losses.

Disney also announced on Wednesday that it will also be launching ad-supported versions for Disney+ in December — and increase the price of ad-free subscriptions for the streaming service, along with ESPN and Hulu.

The new ad-supported Disney+ will cost $7.99 per month, the same price the company now charges for the ad-free version, while the price of the ad-free version will increase by $3 per month to $10.99 from December 8.

Prices for Hulu will also increase by $1 to $2 per month, depending on the plan.

Disney’s financial results for the quarter also beat analysts’ expectations, and the company’s stock rose a whopping 6.6 percent in extended trading, though the stock is still down 28 percent since the start of the year.

Disney+ now has a total of 152 million subscribers, and along with Disney-owned Hulu and ESPN+, the company has surpassed Netflix to become the largest streamer

Disney+ now has a total of 152 million subscribers, and along with Disney-owned Hulu and ESPN+, the company has surpassed Netflix to become the largest streamer

Disney has surpassed Wall Street's expectations by adding 14.4 million new subscribers to its Disney+ streaming service in the last quarter, CEO Bob Chapek said in an earnings call on Wednesday.

Disney has surpassed Wall Street's expectations by adding 14.4 million new subscribers to its Disney+ streaming service in the last quarter, CEO Bob Chapek said in an earnings call on Wednesday.

Disney has surpassed Wall Street’s expectations by adding 14.4 million new subscribers to its Disney+ streaming service in the last quarter, CEO Bob Chapek said in an earnings call on Wednesday.

Disney shares rose a staggering 6.6 percent in extended trading after the report

Disney shares rose a staggering 6.6 percent in extended trading after the report

Disney shares rose a staggering 6.6 percent in extended trading after the report

At the end of Disney’s third fiscal quarter, Hulu had 46.2 million subscribers and ESPN+ 22.8 million. Disney+ had 152 million subscribers, for a total of 221.1 subscribers across the three platforms.

Netflix’s most popular streaming subscription in the US is now $15.50 per month and the top subscription is $20 per month.

It follows several rate hikes to fund expensive original programming, and in search of new revenue streams, Netflix has also announced plans to debut an ad-supported tier early next year, though pricing details aren’t being rented out publicly.

Disney set its future on building a streaming service to rival Netflix in 2017, when audiences switched to watching traditional cable and television broadcasts online.

Just last quarter, Disney added 14.4 million Disney+ customers, surpassing the 10 million consensus expected by analysts polled by FactSet.

It came as the service released popular offerings such as the Star Wars series Obi-Wan Kenobi and Marvel’s Ms. marvel.

Disney will also launch ad-supported versions for Disney+ in December — and will increase the price of ad-free subscriptions for the streaming service, along with ESPN and Hulu

Disney will also launch ad-supported versions for Disney+ in December — and will increase the price of ad-free subscriptions for the streaming service, along with ESPN and Hulu

Disney will also launch ad-supported versions for Disney+ in December — and will increase the price of ad-free subscriptions for the streaming service, along with ESPN and Hulu

Disney’s growing streaming sales, coupled with a surge in theme park business following the close of the pandemic, helped the company beat Wall Street’s expectations for top and bottom lines.

Total revenue rose 26 percent from a year earlier to $21.5 billion. An analyst consensus polled by Refinitiv had expected revenue of $20.96 billion.

Disney posted adjusted earnings per share of $1.09, up 36 percent from a year earlier when visitors packed the theme parks.

Operating income of the Parks, Experiences and Products division more than doubled to $3.6 billion.

Disney’s streaming efforts are still losing money, reporting a $1.1 billion loss for the quarter.

That put a brake on the media and entertainment unit, whose profits fell 32 percent to nearly $1.4 billion.

“We had an excellent quarter, with our world-class creative and business teams delivering outstanding performances in our domestic theme parks, a significant increase in live sports viewership and significant subscriber growth across our streaming services,” said CEO Chapek. in a statement.

“We continue to transform entertainment as we approach our second century,” he added.

Wednesday’s earnings call was CEO Bob Chapek’s first since he was given a three-year contract extension.

Chapek finally took full control of the company in January after a lengthy transfer of power from former chairman and CEO Bob Iger, who reportedly clashed with Chapek and regretted choosing him as his successor.

Since taking power, Chapek has faced challenges, including his battle with Florida Governor Ron DeSantis over the state’s so-called “Don’t Say Gay” law, which resulted in Disney taking large tax breaks and lost self-government.

However, the extension of Chapek’s contract in June appears to be a sign of confidence.

The directors voted unanimously to replace his current deal, which expires in February 2023, with a new three-year deal that takes effect on July 1.

The board said in a statement, “Bob is the right leader at the right time for The Walt Disney Company, and the board has complete confidence in him and his leadership team.”

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