Disney+Hotstar’s average monthly revenue per paying subscriber declined from $0.74 to $0.59
Disney Parks, Experiences and Products are likely to be affected by the new round of job cuts, along with Disney Entertainment and ESPN.
Disney+, the flagship streaming service of entertainment giant The Walt Disney Company, lost four million subscribers in its second quarter ended April 1, as the company embarks on its third round of layoffs.
In its Q2 2023, the company reported 157.8 million customers compared to 161.8 million in the previous quarter.
The major reason behind the decline was Disney+Hotstar, which lost 8 per cent of its subscriber base – from 57.5 million in Q1 2023 to 52.9 million in Q2.
“Disney+ Hotstar average monthly revenue per subscriber decreased from $0.74 to $0.59 due to lower advertising revenue,” the company said in a statement.
The decline in Indian subscribers is mainly because the platform did not hold the streaming rights of the Indian Premier Cricket (IPL) League.
Overall for the company, revenue for the quarter and six months grew by 13 percent and 10 percent, respectively.
“We are pleased with our achievements this quarter, including the improved financial performance of our streaming business, which reflects the strategic changes we are making across the company to reposition Disney for continued growth and success. said Robert Iger, CEO. Walt Disney Company.
Disney is planning to reduce its workforce by 7,000 jobs as part of a major restructuring that will see the company cut costs by $5.5 billion.
Disney Parks, Experiences and Products are likely to be affected by the new round of job cuts, along with Disney Entertainment and ESPN.
“I do not take this decision lightly. I have great respect and admiration for the talent and dedication of our employees around the world, and I am conscious of the personal impact of these changes,” Iger said.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
