Disney hikes streaming prices, shifts focus to cost management
Disney streaming services
The Walt Disney Company is set to raise the price of its Disney+ streaming service, following its third-quarter results highlightingrevenue issues in various sectors, excludingoverseas parks.
Hulu, in which Disney has a majority stake,will also raise the cost of its ad-free service by $3 to $17.99 starting in October. Additionally, a new ad-free bundle that includes both Disney+ and Hulu will be available for $19.99.
Following the announcement, Disney's shares saw an almost three percent increase in after-hours trading.
CEO Bob Iger announced a rise of $1 billion in operational income for the company's streaming unit over the past three quarters, with a goal of achieving profitability by 2024.
While focusing on improving the quality of Disney's content, Iger also discussed plans to integrate the company's main sports brand, ESPN, into direct consumer streaming. Addressing ongoing challenges, he expressed a commitment to resolving writers' and actors' strikes in Hollywood, which have significantly impacted film and television production.
Disney is trying to maintain itssubscriber base by introducing ad-supported streaming options in Europe and Canada and a new ad-free bundle for viewers in the United States.
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In terms of finances, Disney's earnings for the third quarter exceeded Wall Street's expectations. It is also aiming to reduce expenses by more than the $5.5 billion.
However, Disney reported slightly lower quarterly revenue than expected, falling slightly short of analyst predictions for Disney+ subscribers in the United States.
It attracted 800,000 Disney+ customers, falling 100,000 short of analysts' expectations. Furthermore, Disney said it reduced losses at its streaming video services to $512 million in the recently-ended quarter, down from over $1.1 billion in the previous year.
(Inputs from Reuters)
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