Disney+ has pushed past a disappointing start to the year to smash Wall Street expectations for its June quarter.
Disney’s streaming service hit 116 million paid subscribers, up over 100 per cent year-on-year, and well above analyst predictions of 114.5 million.
Disney’s total empire raked in $USD17.02 billion in revenue over the quarter, compared with the forecast $16.76 billion, due to the end of the lockdown and the return of its lucrative Disney Parks arm.
Disney+ passed 100 million subscribers in March, after 16 months in operation. Although it was ahead of previous forecasts, the service only managed to reach 103.6 million by the end of the March quarter, well below Wall Street estimates of 109.3 million.
“We ended the third quarter in a strong position, and are pleased with the Company’s trajectory as we grow our businesses amidst the ongoing challenges of the pandemic,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company.
“We continue to introduce exciting new experiences at our parks and resorts worldwide, along with new guest-centric services, and our direct-to-consumer business is performing very well, with a total of nearly 174 million subscriptions across Disney+, ESPN+ and Hulu at the end of the quarter, and a host of new content coming to the platforms.”
