Disney missed its third quarter revenue projection, but the health of ESPN+ helped mitigate those losses.
ESPN+ has grown 42% year-over-year. The subscription streaming service now has 24.3 million subscribers as of October 1st. In comparison, Disney+ grew 39%, but now has a whopping 164.2 million subscribers.
The company brought in $20.15 billion in revenue during the third quarter, an increase of 9%. However, Disney’s stock price dropped around 6% after the earnings report showed the company missed expectations in both its theme park and media divisions.
Disney CEO Bob Chapek said he expects some of the operating losses on streaming platforms to shrink in the near future, saying “DTC (direct-to-consumer) operating losses to narrow going forward and that Disney+ will still achieve profitability in fiscal 2024.”
