The Walt Disney Company reported earnings for its fourth quarter and fiscal year ended October 1, 2022, and revealed a huge subscriber growth at its direct-to-consumer services, which added nearly 57 million subscriptions this year for a total of more than 235 million. “2022 was a strong year for Disney, with some of our best storytelling yet, record results at our Parks, Experiences and Products segment,” said Bob Chapek, Chief Executive Officer at The Walt Disney Company.
Moreover, the group announced the addition of 12.1 million Disney+ subscribers during the period, bringing the platform’s total subscriber base to 164.2 million, higher than the 160.45 million analysts had estimated. “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,” Chapek commented.
At the end of the fiscal fourth quarter, the other two streaming platforms of the company, Hulu and ESPN+, had 47.2 million and 24.3 million subscribers, respectively, exceeding Wall Street expectations by several million. The company has projected having between 300 million and 350 million streaming subscribers by the end of fiscal 2024, so it remains on track to hit those goals.
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