More people are subscribing to Disney+ than projected, marking a bright spot for the streaming service as it gears up to launch an ad-supported version.
Disney+ announced on Tuesday it added 12.1 million subscribers during Disney's fiscal Q4 2022, ahead of Wall Street's projections of just eight million subscribers. In total, the service has 164.2 million subscribers, and it also set 2024 as its date to achieve profitability for the offering.
"The rapid growth of Disney+ in just three years since launch is a direct result of our strategic decision to invest heavily in creating incredible content and rolling out the service internationally, and we expect our DTC operating losses to narrow going forward and that Disney+ will still achieve profitability in fiscal 2024, assuming we do not see a meaningful shift in the economic climate," said Bob Chapek, Walt Disney Company CEO.
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