Great news continues. As Disney’s stock continues it’s historic decline, they also lost 11.7 million Disney Plus subscribers over the last month, mainly due to jacking up prices, but also woke programing.
Disney’s recent tumble in streaming subscribers for Disney+ continued according to fiscal third quarter earnings released Wednesday. In fact, they got much worse. But the restructuring under CEO Bob Iger in the eight months since he returned to his old job also led to some upsides, with streaming losses and overall company losses narrowing, thanks in part to austere job reductions over the past few months.
On a conference call with analysts, Iger identified three growth areas for the future—film studios, parks and streaming—and noted the synergy between them that shows promise for the future, such as excitement over the theatrical release of the third Guardians of the Galaxy film also sparking higher engagement with the first two films on Disney+.
But as other streamers are also experiencing, streaming can be a money pit with high costs for content and marketing to launch the service. Like Peacock and Paramount PARA -3.1%, Disney has focused on decreasing losses as Disney+ matures, and it worked in second quarter, with streaming losses down to $512 million, down from $1.06 billion a year earlier.